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Amazon infuses Rs 450 crore in its Indian payments unit
Amazon Pay has received Rs 450 from its parent firm, Amazon. Amazon Pay is the payments unit of Amazon India and this is the fresh investment.
Amazon Pay has received Rs 450 crore from its parent firm, Amazon. Amazon Pay is the payments unit of Amazon India and this is the fresh investment according to filings with the Registrar of Companies accessed from business intelligence platform Tofler. Amazon Pay (India) has allotted 45 crore shares of Rs 10 each aggregating to Rs 450 crore to Amazon Corporate Holdings and Amazon.Com.Incs Ltd, documents filed with Corporate Affairs Ministry showed.
1. Amazon Corporate Holdings has pumped in Rs 449.95 crore, while the remaining came from Amazon.Com.Incs Ltd.
2. The funding comes at a time when companies like Paytm, Flipkart-owned PhonePe, Google Pay and others are making significant investments to tap into the booming digital payments market in India.
3. Amazon has simplified transactions for its own consumers, it is also opening up other payment use cases like bill payments, recharges and shopping via other platforms to enhance the payments use case for its users.
4. This round takes the total funding that Amazon Pay received from its parent entity to more than Rs 3,000 crore, since its inception back in 2016.
5. Many of these firms have been offering significant cashbacks to woo customers to use their platforms to make payments for utilities and shopping.
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