Amazon acquires online payments company Emvantage

Global e-commerce behemoth Amazon on Tuesday said it acquired privately-held online payment solutions company Emvantage.

"Emvantage is a valuable addition to our team as we accelerate our payment offerings, ensuring the best in class online payment experience anywhere that customers shop with us," said Amazon Payments India director Srinivas Rao in a statement.

Emvantage developed a series of payment solutions encompassing a payment gateway, mobile payment solutions and pre-paid card solutions.

"The acquisition of Emvantage will help Amazon accelerate the development of convenient and trust worthy payment solutions for customers and the ecommerce industry in India," said the Amazon statement.

Without revealing the value of the acquisition expected to be completed by the first quarter of 2016, Amazon said all Emvantage employees will join its payments team to develop solutions for the Indian market.