wordpress blog stats
Connect with us

Hi, what are you looking for?

Amazon invests Rs 130 crore in payments arm Amazon Pay India

Amazon has invested an additional Rs 130 crore ($20.17 million) into its payments arm Amazon Pay (India) Pvt. Ltd., as per regulatory documents filed with the Registrar of Companies that MediaNama has reviewed The investment was made in June through Singapore-based Amazon Corporate Holdings Pvt. Ltd. and Amazon Mauritius. This after infusing Rs 67 crore ($10.46 million) into Amazon Pay, in May this year.

Over the last couple of months, Amazon has also invested:

Currently, Amazon’s total investment commitment in India stands at $5 billion: the $3 billion announced in June 2016, plus the $2 billion investment announced back in July 2014, which the company has already completed in phases over the past two years.

Amazon India’s wallet license

In April this year, Amazon India received a wallet license from the Reserve Bank of India (RBI), which enabled it to do away with the two-factor authentication system for Amazon Pay. Note that Amazon India already had access to a semi-closed wallet system, following its investment in e-gifting platform QwikCilver Solutions in 2014. QwikCilver had secured a five-year prepaid mobile wallet license from RBI in August 2013.

In December last year, Amazon rebranded its Gift Card balance to Amazon Pay balance, essentially a closed mobile wallet, and allowed users to load cash into it via credit/debit cards and net banking. Besides the obvious ease of shopping from a user’s point of view, this also ensured that Amazon could process cashback offers, refunds and other incentives much faster.

Amazon’s continued focus on India

During the company’s Q1 2017 earnings call, CEO Jeff Bezos continued to be bullish on India and had also said that the India unit is the fastest growing marketplace and the company “will keep investing in technology and infrastructure while working hard to invent on behalf of our customers and small and medium businesses.”

Advertisement. Scroll to continue reading.

In India, Amazon has been increasingly focusing on logistics off late: In May this year, Amazon said it is doubling its storage capacity in the country by setting up seven new fulfilment centres by the end of the current quarter (Q2 2017), with a focus on larger appliances and furniture. Then there is the investment in its India logistics arm that we have mentioned earlier. Last year, the company had opened six fulfilment centres in Chennai, Mumbai, Delhi and Jaipur to expand its services. At the time it had mentioned that 80% of sellers in India used its fulfilment services. In all, the company has increased its fulfillment capacity for sellers by 26% in FY17.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ