Amazon pumps in Rs 300 crore to strengthen digital payments arm
today Jan 15, 2019
E-commerce giant Amazon has pumped in Rs 300 crore (approx $42.6 million) to strengthen its digital payments arm as it looks to gain a larger market share in India.
Amazon, along with its e-commerce business, has been investing heavily to expand its base in the lucrative digital payments segment in India. The latest funds come after four previous capital infusions in 2018, amounting to Rs 1,250 crore.
The total digital payments market in India is expected to touch $1 trillion over the next five years, according to a Credit Suisse report. Amazon is expecting to gain a large chunk of that market, which is why it is investing in the country’s digital payments market to take on global companies like Google, Alibaba, and Facebook, among many others.
Amazon will spend majority of its latest funds on customer acquisition and integration of its payments app into retailers across the country to enable digital transactions.
Amazon seems to be following Paytm's way for growth in India, offering incentives to retailers and cash backs to customers to lure them to use its digital payments platform.
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