Digital payments player Amazon Pay has received a fund infusion of Rs 700 crore from its parent entity Amazon Corporate Holdings, Singapore and Amazon.com Inc Mauritius, according to data filed with the Ministry of Corporate Affairs (MCA), accessed from business intelligence platform Tofler.
Amazon Pay is the digital payments subsidiary of ecommerce giant Amazon and is a critical business component for the American tech giant’s business bet in India. Since its inception Amazon Pay has raised more than Rs 5,000 crore through subsequent fund infusions from its parent entity.
Amazon, which started its payments arm as a wallets player, has now pushed into the Unified Payments Interface (UPI) space. It drives a large chunk of UPI volumes through its in-app payments for its e-commerce sales.
Recently, Amazon Pay forayed into credit card bill payments and partnered with IRCTC for railway ticket booking through this platform. With all these services opening up on Amazon, it intends to become the Indian consumers’ preferred application for all transactions.
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