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Amazon invests Rs 220 crore in Amazon Pay; Rs 1692 Cr so far

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 servicea bill payments servicea QR code based payments for retail stores, and acquired app aggregator (for lack of better words) Tapzo for a reported $30-45 million. It has also expanded Prime in India to include Prime Reading, and provides doorstep cash pickup to push Amazon Pay usage.

Amazon Pay’s funding so far

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