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Amazon pumps Rs 450 cr in India payments unit as e-wallet market hots up

Many of these firms have been offering significant cashbacks to woo customers to use their platforms to make payments for utilities and shopping

Press Trust of India  |  New Delhi 

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American retail giant has infused Rs 450 crore into its payments unit in - Pay, according to regulatory documents.

Pay (India) has allotted 45 crore shares of Rs 10 each aggregating to Rs 450 crore to Amazon Corporate Holdings and Amazon.com.incs Ltd, documents filed with Corporate Affairs Ministry showed.

The documents, sourced by platform Tofler, said the date of allotment was June 6, 2019.

Amazon Corporate Holdings has pumped in Rs 449.95 crore, while the remaining came from Amazon.com.incs Ltd. E-mails sent to did not elicit a response.

The funding comes at a time when like Paytm, Flipkart-owned PhonePe, Pay and others are making significant investments to tap into the booming digital payments market in

Many of these firms have been offering significant cashbacks to woo customers to use their platforms to make payments for utilities and shopping.

First Published: Sun, June 23 2019. 12:30 IST
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