Amazon Pay Set To Raise $1.4 Bn To Take On Google Pay, PhonePe
Amazon may infuse over $1.4 Bn funding in its digital payments entity Amazon Pay in order to take on other platforms like Paytm, PhonePe, and Google Pay. The company has also increased its authorised share capital from $820 Mn to $2.2 Bn in the company.
However, the increase in share capital does not confirm an investment. According to business intelligence company Paper.vc, which first reported the development, historical data suggests that an infusion is likely to arrive in the coming weeks. The company also believes that the company may transfer the $1.4 Bn in one go, making it Amazon’s biggest investment in India.
Recently, the company launched credit card payments on its digital payments app through internet banking or unified payments interface (UPI). Besides this, the company also offers other financial services like insurance on its platform. Today (October 8), the company partnered with Indian Railway Catering and Tourism Corporation (IRCTC) to allow users to book train tickets in India.