Amazon, the US-based e-commerce giant has pumped Rs 600 Cr (about $72 Mn) in its Indian fintech arm Amazon Pay India as per a report by inc42. This infusion of funds comes after the e-commerce platform had injected Rs 1,660 Cr a month ago in its e-commerce marketplace in India.
The regulatory filings accessed by inc42 stated that Amazon Pay allotted 59.9 Cr shares to Amazon Corporate Holdings and 59,952 Cr shares to Amazon.com for INR 10 apiece.
Prior to this, Amazon had infused Rs 350 Cr in the fintech arm in February taking the total for this year to Rs 950 Cr .
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It is relevant to note that Amazon Pay India received payment aggregator license from the Reserve Bank of India (RBI) in February. Additionally, it also holds a prepaid payment instrument (PPI) license since 2017.
Amazon Pay offers services like UPI payments, bill payments, ticket bookings, and buying car and bike insurance.
Looking to further diversify its offerings, the fintech entity, for instance, in April started working with the National Payments Corporation of India (NPCI) to roll out credit services to customers through UPI. Instant credit is already offered by Amazon through its BPNL product called Amazon Pay Later option.
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More than 100 Mn customers use Amazon Pay UPI for various transactions as per reports. The e-commerce major also claims that it has partnered with 8.5 Mn brick-and-mortar sellers and more than 10,000 sellers.
Despite the sheer amount in the volumes of transactions done, Amazon Pay is behind its rivals like PhonePe, Paytm, and Google Pay.
Amazon Pay processed 6.8 Cr UPI transactions worth INR 7,419 Cr in May out of the total 1,403.58 Cr UPI transactions worth INR 20.44 Lakh Cr during the month, as per NPCI Data.
The developments come at a time when Amazon’s e-commerce rival Flipkart is also looking to make a mark in the fintech space. Inc42 reported that Flipkart has launched its fintech app super.money app in beta mode. While super.money currently offers UPI payments, it soons plans to introduce a number of financial services.
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