Ahead of the festive season and upcoming Sale, which is going to be almost a month-long, Amazon has invested ₹700 Crore into payment subsidiary "Amazon pay." The investment has come from Amazon's parent entity Amazon Corporate Holdings, Singapore, and Amazon.com Inc Mauritius. This takes the total funding in Amazon Pay India to ₹5055 Crore since it was launched in 2016. Amazon started its services in India in 2013, and the Indian market remains one of Amazon's top priorities globally.
Amazon Pay started as a Wallet, but now has grown into a bigger payment platform, offering UPI, cashbacks, credit cards (in partnership with banks like ICICI), credit card bill payment, Flight Booking, Insurance, etc. Recently, IRCTC partnered with Amazon Pay to provide a train booking service from its platform.
Amazon's festive season will start from October 17 and will continue for almost a month, until Diwali, which is a season for shopping across India. Flipkart will also hold the "big Billion Day" sale simultaneously along with Amazon. Amazon Pay had recently increased its authorised share capital to ₹ 16,000 crore from ₹ 6,000 crore. With this, it is preparing itself to take on its rivals like Google Pay, PhonePe and Paytm. This new funding is Amazon's second investment into Amazon Pay this year, after it invested ₹ 1,355 crore in January. Amazon Pay has been popular with consumers as it provides great cashback and offers.
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