BENGALURU: Amazon is gearing up to challenge existing players in the payments space, including Flipkart's PhonePe and the SoftBank-backed Paytm. The technology giant has pumped an additional Rs 130 crore into its payments entity, Amazon Pay India, according to regulatory filings made with the Registrar of Companies (RoC).Amazon Corporate Holdings Singapore and Amazon.com, Mauritius have invested the fresh capital in the firm, according to the documents. The development comes at a time when Amazon has been pushing Amazon Pay aggressively since the start of the year. In fact, in the recently concluded Prime Day sale, the company was offering additional cashbacks to promote its e-wallet.Prior to this infusion, the payments arm had shored up close to Rs 220 crore. "The online retailer has been propping up Amazon Pay during its key sale events by offering additional discounts if users paid through the platform.The online retailer has been propping up Amazon Pay during its key sale events by offering additional discounts if users paid through the platform.

Source: Economic Times July 13, 2017 00:33 UTC