Amazon Pay

In February 2019, Amazon Pay began issuing @apI handles

Earlier, it was providing payment services via BHIM app on UPI

The consumers are already using Amazon pay services

Amazon which recently began testing its UPI platform has now gone live

Users can now complete the transaction process by using their own unique UPI IDs

UPI had recorded a total of 672.75 Mn transactions in January

The new investment has been made to fight off increasing competition

Amazon Pay has also rolled out doorstep KYC services

Amazon Pay had received the last funding from its parent entity in November 2018

RBI had directed PPI issuers to ensure all accounts were KYC compliant “on or before February 28, 2019

Post-Supreme Court's Aadhaar verdict, doing KYC has become tougher

Amazon Pay is also testing its UPI Pay platform

Till date, Amazon Pay has received nearly $250.69 Mn (INR 1,820 Cr) from the parent company

Amazon Pay’s financial results for the fiscal year 2017-18 showed a leap of 5100% in revenue

The company invested heavily in advertising and promotions

At the same time, the company’s net loss made 85% of its revenues

The other expenses constituted 88.78% of the company’s total expenses

The company’s advertising promotional expenses for the year jumped by 113%

Compliance with local laws and regulation is a top priority for Amazon, says spokesperson

Following the RBI’s April directive, several overseas payments companies are in a rush to comply with the rules

However, many other payments companies have demanded an extension on the deadline, which ended on October 15

The US-companies have also written a letter to the Finance Minister, expressing their objection over the presence of iSPIRT members during the meeting

All payments companies that are operating in India need to store their data locally, latest by October 15

Around 16 out of 80 companies have not complied with the RBI directive yet

Paytm sale event ‘Mera Cash Back’ is scheduled to run from October 9-15

During the sale, customers will be able to buy certain products at lowest price between 8 am to 12 pm

Paytm Mall will also let the customers play games and win instant cashback vouchers

Gurugram-headquartered online automobile marketplace Droom which raised $30 Mn in a Series E round of funding

Jakarta-based point-of-sale (POS) provider Moka acquired Mumbai-based contextual marketing company GetFocus for an undisclosed amount

Amazon’s digital payments arm Amazon Pay received $79.8 Mn (INR 590 Cr) from its parent company

The development comes within two months from Amazon’s investment of $33.5 Mn in Amazon Pay

During the festive sale, Amazon Pay is expected to offer huge cashbacks to customers

The platform is also looking to offer products such as debit card EMI and cardless EMI to increase sales of high-ticket items

Amazon wants to start by selling life, health, and general insurance

It aims to carry out the business of soliciting, procuring and servicing insurance as a corporate agent

Amazon is yet to seek an approval from the Insurance Regulatory and Development Authority