E-Commerce giant Amazon pumps 95 million USD into Amazon Pay India |
India has shown great potential in the digital payments systems and service providers as it topped the list with 41 million real-time financial transactions per day. E-commerce giants and financial service providers are pouring money into the Indian markets ahead of the festive season. Amazon has infused over 95 million USD into its payments unit in India, Amazon Pay. the move will help the platform to compete with rivals like Walmart-owned Flipkart and Reliance Industries` JioMart, google pay, and Paytm. This is the second time in the year when Amazon Pay has been infused with big money. In January this year, Amazon Pay India had received 184 million USD. Amazon Pay has received the infusion from Amazon Corporate Holdings Private Limited, Singapore, and Amazon.com Inc Limited, Mauritius, according to the documents filed by Amazon. The infusion was done by allotting 700.1 million equity shares to the investors at a nominal price per share of Rs 10. Amazon is eyeing to tap multiple sectors in the country ranging from insurance, wealth management to credit through its digital payments arm Amazon Pay. The Jeff Bezos-led firm is also making inroads in India`s booming digital payments market. This week Amazon partnered with `Indian Railway Catering and Tourism Corporation`, to provide the latter`s customers with the facility to book reserved train tickets on Amazon. With this launch, Amazon Pay adds another travel category, thereby offering its customers a one-stop-shop for booking flights, bus and train tickets.
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