Amazon invests Rs 700 cr in its digital payment business in India

Amazon has pumped Rs 700 Cr into its Indian digital payments business Amazon Pay, ahead of the festive season, indicating its plan to scale up and compete with rivals Google Pay, PhonePe and Paytm. The bulk of its latest infusion comes via Amazon Corporate Holdings, the Singapore-based parent entity for all of the its e-comm units in India. This also marks Amazon’s second investment into Amazon Pay this year, after the firm pumped in Rs 1355 Cr in January.

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