Global ecommerce giant Amazon has invested $79.8 million in its Indian online payment arm, Amazon Pay. The move comes at a time when Amazon India looks to bag top spot in sales this year. According to reports, Amazon Pay users are expected to get huge cashback.
Amazon is also looking to offer products such as debit card EMI and cardless EMI in order to push sale of high-ticket products. Amazon has been pushing its digital payment arm since 2016. About 216.8 million (₹ 1,600 crore) has been infused into Amazon Pay since 2016.
Earlier, Amazon Pay India head Mahendra Nerurkar had announced that it would continue to invest aggressively in the payments arm over the next few months.
The entry of biggies into India’s digital payment landscape is expected to reflect positively in the market in coming days. The digital payments market in India is expected to grow to $1 trillion by 2023, says a July 2018 report by Niti Aayog.
With the latest investment, Amazon India hopes to secure top spot in the forthcoming festive season.