Global ecommerce giant Amazon continues to pump in more cash in India and has announced a fresh infusion of $30.35 million (₹ 220 crore) into its digital payments arm— Amazon Pay.
Earlier, the company had made an investment of $81.29 million (₹590 crore) in the payments arm, ahead of its festive season, with plans to offer huge cash backs to customers during the Amazon’s festive season sales.
In December 2016, Amazon had launched Amazon Pay Balance, a payment option which is similar to a mobile wallet but limited to transactions within the platform.
The company received $33.5 million (₹230 crore) earlier in July 2018, taking its total funding to nearly $250.69 million ( ₹1,820 crore) since 2016. According to reports, Amazon Pay’s financial results for the fiscal year 2017-18 showed a leap of 5100% in revenue.
With big players on board digital payments is set to achieve new benchmark in India. A report by Niti Ayog says that the digital payments market in India is expected to grow to $1 trillion by 2023.