Online banker Amazon has invested ₹590 crore in its agenda payments arm Amazon Pay (India) Private Limited. The Seattle-based aggregation is eyeing India’s booming agenda payments bazaar and planning to booty on rivals such as Flipkart’s PhonePe, Paytm and Google’s adaptable acquittal account Google Pay [Tez].
The allotment came from Singapore-based Amazon Corporate Holdings Pvt. Ltd. and Mauritius-based article Amazon.com.Incs Ltd., according to authoritative abstracts filed by Amazon, which were sourced from business intelligence belvedere Paper.vc.
Amazon Pay got the basic beverage on September 19 beneath the rights affair by alms 59 crore disinterestedness shares.
Last month, Amazon Pay apparent card-less EMIs for called customers.
Amazon Pay EMI provides burning costs options to barter who may not accept admission to acclaim for purchasing high-value products, up to ₹60,000, by agreeable their purchases into instalments at low absorption rates.
“We are on a mission to accredit acclaim admission for every Amazon customer,” Vikas Bansal, director, Emerging Payments, Amazon Pay, had said in a statement. “After the contempo amplification of EMI on debit cards, we are aflame to accompany this ability advanced of blithe season,” he added.
In August, Amazon India additionally apparent ‘bill payments facility’ that allows barter to pay electricity, landline, broadband, gas and postpaid charges. Barter can admission these categories via the Amazon Pay dashboard and the Amazon homepage on the adaptable app and website. The account enables bill payments through best of the above billers beyond assorted cities in India.
“We shall abide to innovate on account of barter as we abridge the payments acquaintance in India,” ShariqPlasticwala, director, payments, Amazon, had said in a statement.
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