News > Amazon invests Rs 225 cr in India digital payments arm to ramp up presence

Amazon invests Rs 225 cr in India digital payments arm to ramp up presence

Business Standard | 13/05/2021 10:19 PM | Click to read full article

US-based e-commerce giant Amazon has invested Rs 225 crore in its Indian digital payments business, buttressing its competition with Walmart-owned PhonePe, Alibaba-backed Paytm, and Google's mobile payment service Google Pay.

Last October, ahead of the festive season, Amazon had invested Rs 700 crore in Amazon Pay. Digital payments in India will rise fivefold to reach $1 trillion by 2023, led by the growth in mobile payments.