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Updated: Amazon India invests a further Rs 195 crore in Amazon Pay

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Update: An Amazon India spokesperson told MediaNama that "Amazon Pay has seen its new customer adoption rate decline by 30% due to the requirement of officially valid document mandated by the new regulations. Cash loads at doorstep which enable cash customers to participate in digital payments has taken a hit of 80%." The spokesperson further added that mandating "customers to submit an officially valid document to be permitted to make such transactions (wallet transactions of comparatively low value) adds friction and will send the customer back to cash as seen by the significant adoption decline in the last week. Requiring that such customers should do a KYC within 12 months regardless of their level of usage will further result in significant drop offs. Customers should be triggered for KYC based on risk or value of transactions, not by time." Amazon India hopes…

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