In a bid to level-up its presence in the country and compete with its rivals, Amazon has invested Rs 225 crore in its Indian digital payments business.
The funding for Amazon Pay has come from Singapore-based Amazon Corporate Holdings Private Limited and Mauritius-based entity Amazon.com. Limited Company, as mentioned in the regulatory documents sourced by business intelligence platform Tofler.
Reportedly, Amazon Pay got the capital infusion on March 01, by allotting 22.5 crore equity shares of Rs 10 each.
In October 2019, just before the festive season, Amazon invested Rs 700 crore in Amazon Pay.
According to a report released by the financial services company Credit Suisse, digital payments in India will witness a fivefold to reach $1 trillion by 2023.
Media reports suggest that PhonePe and Google Pay acquire the major share of the unified payments interface (UPI) market. Reportedly, PhonePe witnessed 968 million transactions in January whereas Google Pay processed 853 million payments. While Paytm did around 281 million payments on UPI whereas Amazon Pay did 46 million.