Parent company Amazon has decided to take the digital wallet battle to the next level in India. Amazon has now pumped in Rs 230 crore into Amazon Pay, their digital wallet to challenge Paytm and PhonePe, owned by Flipkart.
This will help Amazon Pay to
compete against Paytm, which is India’s #1 mobile wallet, and fast growing UPI based digital wallet PhonePe, which is Flipkart’s own wallet.
compete against Paytm, which is India’s #1 mobile wallet, and fast growing UPI based digital wallet PhonePe, which is Flipkart’s own wallet.
An Amazon representative has confirmed the development, and said that the new funding will be used to introduce newer features and services for Amazon Pay users.
The spokesperson said, “We have earlier invested in creating new transformational services like cash loading into the wallet at doorstep,”
Besides, Amazon has expressed their firm determination to implement PM Modi’s vision of a cashless India, Digital India, and according to them, Amazon Pay will help them with this mission.
Here is a breakdown of investments and fundings made into Amazon Pay since last one year:
