wordpress blog stats
Connect with us

Hi, what are you looking for?

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. (The authorized share capital is the number of stock units that a company can issue and is often not fully used by in order to leave room for future issuance of additional stock in case the company needs to raise capital quickly.)

Amazon Pay was launched in December last year as a rebranded version of its Gift Card balance feature which allowed users to top up and generate an online gift voucher. 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.

Flipkart’s Phonepe

While Paytm has dominance in payment space in India. Amazon’s immediate rival Flipkart too is betting big on payments space, along with Amazon itself. Only a week ago, Flipkart committed $500 million for its payments arm PhonePe. The company added that this was an addition to $75 million funds infusion Flipkart had made in PhonePe since acquiring it in 2015. Also, the Indian e-tailer is reportedly also looking at adding various services like cab booking, food ordering, vacation etc on its app by end of this year.

Advertisement. Scroll to continue reading.

Written By

Writes about e-commerce, social media, tech and Internet ecosystem.

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



While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.


Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.


Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.


The need of the hour is for lawmakers to understand the systems that are amplifying harmful content.


For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.

You May Also Like


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...


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...


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...


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...

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
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