The media published information according to which Amazon invested Rs 350 crore (about $41 billion) in Amazon Pay India.
The journalists published the mentioned information citing a regulatory filing with the Registrar of Companies.
Last month, Amazon Pay was the eighth-largest Unified Payments Interface (UPI) player by transaction volume. Currently, this functional system is striving to gain a share from competitors such as Google Pay and PhonePe, whose combined market share in the South Asian country is about 85%.
In February, Amazon Pay received a payment aggregator license from the Reserve Bank of India. This gave a boost to the company’s merchant payments business. A prepaid payment instrument or wallet license was also approved.
Currently, Amazon competes with other companies in providing various services to consumers, including bill payments, UPI transactions, and insurance premium payments.
In August, it became known that Amazon Pay became one of the five payment companies that applied to join the Indian central bank’s digital currency pilot to enable eRupee transactions via their platforms.
The Reserve Bank of India launched the eRupee pilot program in December 2022. Initially, the financial regulator allowed only banks to offer digital currency through their mobile apps. Last April, the mentioned program was expanded. Payment companies have been added to this project. The mentioned firms must receive approval from the financial regulator to fully participate in the program.
In June 2023, it became known about Amazon’s intention to invest $26 billion in India by 2030.
As we have reported earlier, Wells Fargo Says Amazon Pauses Some Data Center Lease Commitments.
