Amazon invests a record ₹1000 crore in digital payment system

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Amazon.com Inc. has invested  ₹1,000 crores into Amazon Pay, digital payments, and financial services unit of Amazon India. In the midst of an increasing battle with Walmart-claimed Flipkart in India’s flourishing internet-based retail market.

Singapore-based Amazon Corporate Holdings has infused near ₹999.90 crores in Amazon Pay as a component of the fundraising. While Mauritius-based Amazon.com Inc. Ltd mixed another ₹9.99 lakh into the payment unit. 

The date of allotment was October 20, 2021, it added. Amazon did not respond to emailed queries.

In April this year, Amazon Pay had received an infusion of Rs 225 crore.

Amazon has been siphoning in a large number of dollars across different operations. Such as commercial center, wholesale, and payment business as it hopes to reinforce its position in the Indian market. 

In a different recording, Amazon Pay announced a narrowing of loss to about Rs 1,516.4 crore in FY21 from a loss of Rs 1,868.5 crore in the former monetary year.

Amazon Corporate Holdings got 999 million shares and Amazon.com Inc. another 99,920 shares at a nominal worth of ₹10 per share. 

The most recent fundraise follows Amazon Pay raising ₹450 crores ahead of the Diwali season deals from its US parent to contend with Flipkart during the month-long festive season deals. Those assets were also raised by Amazon Corporate Holdings and Amazon.com Inc.

Sources announced in September that Amazon Pay hit 50 million clients in India. By utilizing a unified payments interface (UPI) on its platform.

As indicated by the organization, clients were utilizing the Amazon application to pay at 20 million local shops utilizing the UPI quick response (QR) code. Further, over 75% of its clients during the past year came from tier-2 and tier-3 urban communities, it said.

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