Amazon invests in India digital payments arm

Monday 24 June 2019 08:14 CET | News

Amazon has invested INR 450 crore (around USD 60,47 million) in its digital payments arm Amazon Pay in India.

The funding would help the company tap into Indias digital payments market and compete with PhonePe, Paytm, and Google Pay.

The funding came from Singapore-based Amazon Corporate and Mauritius-based entity, according to regulatory documents filed by Amazon, Business Standard shows.

Earlier in June 2019, Amazon invested INR 2,800 crore (around 400 million) into its marketplace in India at a time when the company has signed off from China.

In December 2018, Amazon invested INR 2,200 crore (around 310 million) into its Indian entity.

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Keywords: Amazon, online payments, India, online payments
Countries: World