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Amazon boosts Amazon Pay with fresh investment of Rs 260 crore

Taking on its rivals in payment space in the country, Amazon has infused Rs 260 crore into its the digital wallet service Amazon Pay, reports The Economic Times. The fresh investment is done through Singapore-based Amazon Corporate Holdings Pvt. Ltd US-based parent Amazon, according to Registrar of Companies (RoC) filings. According to ET report, the e-tailer said that the latest investment in its payment arm is “in need of funds for expansion of business operations.“ It makes sense as Amazon Pay is looking to increase the number of services it will offer. It recently announced its partnership with BookMyShow which will allow users to use their Amazon Pay balance account for booking tickets via BookMyShow. This partnership is in addition to its existing range of merchants across verticals like Redbus (bus booking), Abhibus (bus booking), Faasos (food ordering), Box 8 (food ordering), Haptik (chatbot platform), Komparify (phone recharge and comparison platform) amongst others. Amazon had said in a statement at the time of announcement that these partnerships will drive Amazon's customers to utilize their Amazon Pay balance beyond the marketplace, to merchants in categories like food ordering, travel, bill payments etc. Untill now, Amazon invested an Rs 130 crore ($20.17 million) into Amazon Pay in July this year, and before that it had infused Rs 67 crore ($10.46 million) in May this year. Besides, this month only, Amazon Pay increased its share capital by five times to Rs 2000 crore. Earlier the wallet company had an authorized share capital of Rs 400 crore, Registrar of Companies data showed.…

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