Amazon Infuses Rs 195Cr Into Payments Outlet Amazon Pay

This comes just months after the infusion of Rs 260 crore in September, with the companies plans to take on other working e-wallets like Flipkarts PhonePe and Paytm.
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In order to push its wallet beyond its market place to other online merchants, Amazon has infused Rs 195 crore more into its payments arm Amazon Pay.

This comes just months after the infusion of Rs 260 crore in September, with the companies plans to take on other working e-wallets like Flipkart’s PhonePe and Paytm.

A per the RoC filings, the latest infusion came from Singapore-based Amazon Corporate Holdings Pvt. Ltd. and Amazon.com.incs Ltd.

The company in the recent statement had said Amazon India recently undertook a rejig in the payments business, appointing Mahendra Nerurkar as Head of Amazon Pay, while former Head Sriraman Jagannathan, Vice President, will continue to lead the Board of Amazon Pay with a specific focus on long-term strategy and new initiatives. The company also brought in Mayank Jain who was till recently a Senior Executive at rival Flipkart, where he was heading financial services for the company.

Amazon Pay's wallet, however, has been impacted in recent weeks following the full-KYC guidelines coming into effect. Mobile wallet companies are expected to lose thousands of customers who may not want to complete full KYC for small transactions.

 
 
 
 
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