Fintech Funding News: Amazon Pay India Gets ₹700 Cr From Amazon
Updated: Oct 17, 2020
Amazon Pay, The fintech arm of US-based big tech retail marketplace received ₹700 Cr for the parent entity Amazon.
The timing of the funding round suggests that this capital will be used for growth and promotion perspective during the Great Indian Shopping Festival.
The Great Indian Shopping Festival is Black Friday Sales' counterpart in India, it is the Diwali sale of the e-commerce giant in India, Flipkart does a similar Big Billion Days sale during similar times.
Our sources have confirmed that the funds from the current funding round will be used to acquire new customers via the cashback model of Amazon Pay during the festive sale.
This funding indicates the competition in the Indian Digital fintech space will be very intense with giants like PayTM, PhonePe, Google Pay & Amazon Pay competing for their share in the pie.
With increased internet penetration, instant dispute redressal, high success rates, and impressive UPI framework the future of digital payments in India looks bright but the question to answer is with so many giant players competing against each other who will win the rat race.