To Counter Payments Rivals, Amazon Pumps In Rs 195 Crore into Amazon Pay

With WhatsApp cranking up its digital payments service in India, Amazon has pumped in an additional Rs 195 crore into its Indian payments arm Amazon Pay (India) Private Ltd. The latest infusion came from Singapore-based Amazon Corporate Holdings Pvt Ltd and Mauritius-based Amazon.com. Inc. Ltd.

This funding comes hot on the heels of the infusion of Rs 260 crore in September. The contempo funding is also in line with Amazon India strategy to burn cash and ramp up its infrastructure. In total, Amazon has invested nearly Rs 700 crore in its payment business organization since 2016. In fact, the company is also looking to push its wallet beyond its marketplace to other online merchants.Commenting on this news, an Amazon spokesperson said, "Our focus is to make digital payments the well-nigh trusted, convenient and rewarding choice for customers. We take before invested in creating new transformational services like cash loading into the wallet at doorstep. We plan to further develop new innovative services for our customers and go along to drive adoption for Amazon Pay."

The company is working hard to bolster its UPI-based payments offering, as information technology seems to accept paid rich dividends for the likes of Google Tez.

That being said, Amazon's Pay wallet has been impacted in recent weeks post-obit the full-KYC guidelines coming into effect from March one. Apparently, Amazon Pay has seen its new client adoption rate reject by 30% due to the requirement of officially valid certificate numbers mandated by the new regulations. However, the trouble is not limited to only Amazon Pay. Every bit information technology turns out, other mobile wallet firms are expected to lose thousands of customers who may not desire to complete full KYC for the small-scale transactions.

Source: https://beebom.com/funding-rs-195-crore-amazon-pay/

Posted by: burkelapet1958.blogspot.com

Share this post