Spice Money: Industry Monitoring 22 to 24 June 2019
- Priyanka Kanodia
- Jul 8, 2019
- 2 min read
Spice Money
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Industry News
Amazon infuses Rs 450 crore in its digital payment arm
Publication- Business Today
Edition- Online
Date- 22 June, 2019
E-commerce giant Amazon has infused Rs 450 crore in its digital payments arm Amazon Pay (India), taking the total funding to over Rs 1,000 crore during the first half of the calendar year 2018-19. Out of the Rs 450 crore, Amazon Singapore has pumped in Rs 449 crore and the remaining Rs 1 crore is funded by Amazon Mauritius. Amazon Pay received the capital infusion on June 6.
So far, Amazon has invested a total of Rs 3,221 crore in Amazon Pay, since its launch in 2016. Last month, Amazon India launched domestic flight bookings, money transfer options, utility bill payment on the Amazon Pay. In April this year, Amazon Pay launched person-to-person (P2P) payments for Android users. This facility helps in instant bank-to-bank transfers using Unified Payments Interface (UPI) platform on the Amazon app.
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Amazon invests ₹450 crore in India payments unit
Publication- Livemint
Edition- Online
Date- 23 June, 2019
American retail giant Amazon has infused ₹450 crore into its payments unit in India - Amazon Pay, according to regulatory documents. Amazon Pay (India) has allotted 45 crore shares of ₹10 each aggregating to ₹450 crore to Amazon Corporate Holdings and Amazon.com.incs Ltd, documents filed with Corporate Affairs Ministry showed. The documents, sourced by business intelligence platform Tofler, said the date of allotment was 6 June 2019. Amazon Corporate Holdings has pumped in ₹449.95 crore, while the remaining came from Amazon.com.incs Ltd.
E-mails sent to Amazon India did not elicit a response.
The funding comes at a time when companies like Paytm, Flipkart-owned PhonePe, Google Pay and others are making significant investments to tap into the booming digital payments market in India. Many of these firms have been offering significant cashbacks to woo customers to use their platforms to make payments for utilities and shopping.
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Google Pay is the most downloaded finance app in May, PhonePe is close second: Report
Publication- Business Today
Edition- Online
Date- 24 June, 2019
The rise in digital payments in India has led to the dawn of new businesses like PhonePe, Google Pay and Paytm in India. Among all the digital payments apps that are available in India, a study has found that Google Pay is the most downloaded finance app, followed by Flipkart-owned PhonePe in the month of May.
In case of the Google Pay, out of the 90 lakh installs, 99.9 per cent were downloaded in India, said the mobile app intelligence firm Sensor Tower. It recorded 24 crore UPI transactions in the month of May, as per The Economic Times report. PhonePe, on the other hand, saw more than 47 lakh downloads in May, which represented a 27 percent year-on-year growth from May 2018, according to the app download estimates from Sensor Tower's Store Intelligence platform. PhonePe clocked 23 crore UPI payments last month.
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