Amazon gear up for rivals, pumps Rs 130 crore in payments

amazon

In a bid to expand its operations in the country, Amazon has invested in Rs 130 crore in its payments entity, Amazon Pay India.

This investment can be said to be done to be in complete competition with the likes of Flipkart’s PhonePe and Alibaba-backed Paytm.

Amazon Corporate Holdings and Amazon.com.incs have invested Rs 130 crore in recent launch the Amazon Pay India, according to documents submitted to the corporate affairs ministry.

The resolution was approved on June 28, it added.

The e-commerce giant has already pumped in over Rs 2,000 crore (over $ 310 million) in India in the last two months as part of its efforts to concrete its position in the country and compete with rivals like Flipkart.

These funds were invested into Amazon’s online marketplace business in India as well as the wholesale business.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.