Amazon pumps Rs 450 cr in India payments unit as e-wallet market hots up

Amazon pumps Rs 450 cr in India payments unit as e-wallet market hots up

Many of these firms have been offering significant cashbacks to woo customers to use their platforms to make payments for utilities and shopping Ame

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Many of these firms have been offering significant cashbacks to woo customers to use their platforms to make payments for utilities and shopping

American has infused 450 crore into its payments unit in Pay, according to regulatory documents.

Pay (India) has allotted 45 crore shares of 10 each aggregating to 450 crore to and Amazon.com.incs Ltd, documents filed with showed.

The documents, sourced by platform Tofler, said the date of allotment was June 6, 2019.

has pumped in Rs 449.95 crore, while the remaining came from Amazon.com.incs Ltd. E-mails sent to did not elicit a response.

The funding comes at a time when like Paytm, Flipkart-owned PhonePe, Pay and others are making significant investments to tap into the booming digital payments market in

Many of these firms have been offering significant cashbacks to woo customers to use their platforms to make payments for utilities and shopping.

First Published: Sun, June 23 2019. 12:30 IST

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