BENGALURU: Digital payments company Amazon Pay has received Rs 300 crore in fresh funding from its parent, ecommerce firm Amazon, according to its filings with the Register of Companies accessed by ET.
The investment comes in the wake of increased competition from homegrown payments rivals Paytm and PhonePe, along with its American competitor Google whose payment product is growing quickly here. Amazon — the only US tech giant — with a prepaid payment instrument (PPI) licence from the Reserve Bank of India, has been stepping up its wallet payments game over the past few months.
It is running against time to complete the full KYC (Know Your Customer) process in order to keep its wallet customers active. ET wrote earlier this week that Amazon was testing a product based on the Unified Payments Interface in India in partnership with Axis Bank, in a closed user group.