Amazon tops up payments arm Amazon Pay with Rs 300 Cr

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Amazon Pay, the payments arm of the e-commerce major Amazon has received fresh funds of Rs 300 crore from the parent company.

According to the documents filed with Registrar of Companies (RoC), the fresh round comes through Singapore and Mauritius-based group entities – Amazon Corporate Holdings Private Ltd and Amazon.com.Incs Limited.

This is the fourth round of capital infusion for the company in FY18 and overall fifth since 2018. Earlier it received Rs 220 crore in November, Rs 590 crore in October, Rs 230 crore in July and Rs 195 crore in March last year.

The development comes at a time when all prepaid payment instruments (PPIs) or mobile wallets get RBI deadline to fulfill the know-your-customer (KYC) guidelines by February 2019.

After Paytm, Amazon has also started rolling out doorstep KYC services for its e-wallet users to meet the RBI deadline.

Of late, Amazon is reportedly testing of UPI-based payments feature within a restricted user base. The company is working with Axis Bank for its UPI-powered payments app.

This is a crucial time for the e-commerce giant to ramp up Amazon Pay. Last year, the Seattle-based company also acquired Tapzo and invested in ToneTag to scale up its fintech vertical.

In FY18, the payments arm registered high growth in its operating revenue to Rs 389 crore from Rs 4.1 crore in FY17. During the fiscal year, its losses also grew by 88 per cent to Rs 334.2 crore.

Source: Entrackr

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