Amazon Pumps In Another INR 600 Cr In Amazon Pay India

A month after injecting 1,660 Cr in its ecommerce marketplace in India, US-based ecommerce giant Amazon has infused an additional INR 600 Cr (about $72 Mn) in its Indian fintech arm Amazon Pay India.

As per regulatory filings accessed by Inc42, Amazon Pay allotted 59.99 Cr shares to Amazon Corporate Holdings and 59,952 Cr shares to Amazon.com for INR 10 apiece.

With this, Amazon’s investment in Amazon Pay this year now stands at INR 950 Cr. The company infused INR 350 Cr in the fintech arm in February this year, Economic Times reported.

Earlier, Amazon infused INR 1,000 Cr in Amazon Pay in 2021. 

It is pertinent to note that Amazon Pay India received payment aggregator licence from the Reserve Bank of India (RBI) in February. Additionally, it holds a prepaid payment instrument (PPI) licence since 2017. 

Amazon Pay offers services like UPI payments, bill payments, ticket bookings, and buying car and bike insurance.

The fintech entity is also looking to further diversify its offerings. For instance, in April it started working with the National Payments Corporation of India (NPCI) to roll out credit services to customers through UPI. Amazon already offers instant credit through its BNPL product called Amazon Pay Later option. 

As per reports, more than 100 Mn customers use Amazon Pay UPI for various transactions. The ecommerce major also claims that Amazon Pay has so far partnered with 8.5 Mn brick-and-mortar sellers and more than 10,000 online sellers.

However in terms of monthly UPI transactions, Amazon Pay is behind its rivals like PhonePe, Paytm, Google Pay.

As per NPCI data, Amazon Pay processed 6.8 Cr UPI transactions worth INR 7,419 Cr in May out of the total 1,403.58 Cr UPI transactions worth INR 20.44 Lakh Cr during the month.

The development comes at a time when Amazon’s ecommerce rival Flipkart is also looking to make a mark in the fintech space. On Wednesday, Inc42 reported that Flipkart has launched its fintech app super.money app in beta mode. While super.money currently offers UPI payments, the ecommerce giant plans to  soon introduce a number of other financial services.

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