What's the news?
Amazon has infused Rs 450 Cr into its payments unit in India, Amazon Pay, according to regulatory documents. The fresh infusion comes just ahead of the festive season where the US ecommerce giant will compete head-on against Walmart-owned Flipkart and others.
More to know
In another development, Amazon said it has registered five million merchants through its payments unit Amazon Pay and that it remains focussed on helping more SMBs in the country to embrace digital payments. These merchants many of whom earlier transacted only in cash are now accepting payments from their customers using Amazon Pay's QR Code.