Rs 230 crore more for Amazon Pay
Amazon has made an infusion of Rs. 230 crore into its payment arm Amazon pay. In March, Amazon pumped Rs. 195 crore into the business, In total, Amazon has now invested nearly Rs.1,000 crore into its payment business since 2016.
The company intends to expand its wallet services and compete with other merchants like PhonePe and Paytm. The latest infusion came from Singapore-based Amazon Corporate Holdings and Amazon.com.incs, as per RoC filings.
Amazon also aims to increase its customer base by offering cashbacks for shopping on its site. On the Amazon Prime Day which was kickstarted on Monday, Amazon is also offering cashbacks of up to Rs 300 for topping up Amazon Pay balance.
However, there were some payment processing issues on the first day of Prime Day, and company sources cited that the glitch lasted for a few minutes and mostly for HDFC customers due to a surge.
The Seattle-based company’s focus on its payment business was observed when founder Jeff Bezos, announced a cashback of Rs 250 to customers on the fifth anniversary of its launch in India last month.