Amazon has invested Rs 220 crore in its payments arm Amazon Pay, a month after it invested Rs 590 crore in it, reports the Economic Times. The investment came from Singapore-based Amazon Corporate Holdings Pvt Ltd and Amazon Inc, per regulatory filings accessed by ET. Its worth noting that 95% of Amazon Pay's year-over-year growth (during the festive sale) came from cashbacks and bank discounts. The number of merchants on Amazon Pay increased five times during the sale, and UPI transactions increased by 5 times as well. 75% of payments made during its annual sale held in October were made digitally. Amazon is clearly heading full speed into payments. Within the past few months, it has launched a UPI payments service, a bill payments service, a QR code based payments for retail stores, and acquired app aggregator (for lack of better words)…
- PrivacyNama 2022 Workshop: Privacy Preserving Advertising; October 11 October 7, 2022
- IRDAI Approves ‘Amazon-like’ Intermediary For Selling Insurance Products: Benefits and Concerns October 7, 2022
- Will Google offer its free VPN service on Pixel phones in India? October 7, 2022
- Tesla CEO Elon Musk will buy Twitter for $44 billion after all October 6, 2022
- Jio and Airtel showcase their surveillance systems at the India Mobile Congress 2022 October 6, 2022
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