E-Commerce giant Amazon has invested Rs.300 crore or US $ 42.6 million in a fresh round of funding in its payments arm Amazon Pay, as confirmed by documents filed with Registrar of Companies (RoC).
The funding comes through Singapore and Mauritius-based group entities – Amazon Corporate Holdings Private Ltd. and Amazon.com.Incs Limited.
The recent fund infusion by the parent company is the fourth in the current financial year. The first round was an investment of Rs.220 crores in November 2018 and then a sum of Rs.590 crore in October 2018. Further, in July 2018, Singapore-based Amazon Corporate Holdings and Amazon.com, Inc invested Rs.230 crore in Amazon Pay. The total infusion this fiscal is Rs.1,340 crore till date.
The move comes right after reports stated that Amazon Pay is rolling out doorstep know-your-customer (KYC) services for its mobile wallet users in line with the Supreme Court’s Aadhaar verdict.
Reports also suggest that the investments are made in order to step up its competition from the homegrown fintech service providers such as Paytm and PhonePe. Also, Amazon is reportedly testing UP-based payments feature within a restricted user base. The company is working with Axis Bank for its UPI-powered payments app.
In August 2018, Amazon Pay had acquired the Bangalore-based aggregator app, Tapzo in order to ramp up its online payment business.
