The e-commerce giant Amazon has freshly invested Rs 230 crore in ‘Amazon Pay’ which is the Indian payment platform of Amazon. According to the Registrar of Companies (RoC), Amazon Pay India has allotted 23 crore equity shares worth Rs 230 crore to the existing shareholders on the right basis. The shareholders include Amazon Corporate Holdings and Amazon.com.incs.
The event has come months after the company invested Rs 195 crore in the same business in March. Since 2016, the total amount invested in the payments business till date is around Rs 1,000 crore.
With this, the company aims to make its operations stronger in the country and compete with the other players including PhonePe and Paytm.
Apart from this, Amazon is also aiming to increase the user base and traction on the platform by offering various cashback schemes for shopping on the site. The Amazon Prime Day Sale that is going on is also witnessing various offers like cashback of up to Rs 300 through Amazon Pay balance.
“We continue to explore ways to do this, in partnership with banks, processors, fintech companies and ecosystem partners. We have earlier invested in creating new transformational services like cash loading into the wallet at doorstep,” Amazon’s spokesperson said.
The person also stated that the company is focusing on making its digital payments the most trusted, convenient and rewarding choice for the users. The company is also planning to introduce new services for customers and continue to drive adoption for Amazon Pay in the near future.
Apart from the above-mentioned areas of investment, the company will put in a considerable amount in marketing and promotions for the purpose of bringing more consumers to its online shopping platform.
“We are committed to the long-term vision of a less-cash India and continue to invest in experiences which reduce customer friction, improve affordability and foster everyday habits, thereby building preference for digital payments,” said the spokesperson.
With this particular investment, the company is trying to push up the payments business in India and give a tough fight to the predominant players in the online payment space.