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USA’s Amazon has invested Rs 450 crore in its Indian digital payments business ahead of the festive season, buttressing its competition with Walmart-owned PhonePe, Alibaba-backed Paytm, and Google's mobile payment service Google Pay.
The funding for Amazon Pay came from Singapore-based Amazon Corporate Holdings Private Limited and Mauritius-based entity 'Amazon.com Inc Limited', according to regulatory documents sourced by business intelligence platform Tofler.
Amazon Pay got the capital infusion on September 17, by allotting 450 million equity shares of Rs 10 each.
Digital payments in India will rise fivefold to reach $1 trillion by 2023, led by the growth in mobile
