With competition intensifying in the digital payments space, e-commerce major Amazon has invested Rs 260 crore in its e-wallet service Amazon Pay.
A filing with the Registrar of Companies (RoC) shows that the infusion came from Singapore-based Amazon Corporate Holdings and its parent, US-headquartered Amazon, reports The Economic Times.
Since being granted permission earlier this year by India’s central bank to operate a prepaid payment instrument (PPI), Amazon has thus far put in more than Rs 350 crore into Amazon Pay. The e-commerce giant recently increased the authorised capital for its payments arm to Rs 2,000 crore.
Amazon’s aggressive push is part of efforts to compete with Flipkart-owned PhonePe and Patym, its main rivals in the space.
While Paytm raised USD 1.4 billion from Japan’s Softbank earlier this year, Bengaluru-based Flipkart last week invested USD 500 million in its payments platform PhonePe.
Amazon has been pushing the use of Amazon Pay on its e-commerce platform, offering lucrative discounts on use of the service and cashback in the form of Amazon Pay deposits.
It has also been making attempts to push the use of Amazon Pay beyond its marketplace to other online merchants.
Amazon had activated third-party payments in July and earlier this week, it signed an agreement with BookMyShow allowing users to make transactions on the online ticketing platform with Amazon Pay.
Redbus, Box 8 and Haptik are some of the other websites on which Amazon Pay can be used.