Amazon Pay, the E-Wallet of Amazon, has received Rs 700.1 crore from its parent entity Amazon Corporate Holdings, regulatory filings show.
Flipkart and Amazon are receiving funds from their holding entities ahead of the festive season. October and November are the two best business months for e-commerce platforms.
The festive season also triggers a spike in digital payments as payments companies push discounts and cashback on their usages on e-commerce transactions.
Besides Google Pay, PhonePe, and Paytm, Amazon Pay has emerged as a preferred UPI mode of transaction with consumers. According to sources, it had recorded 60 million transactions in June in which P2M’s volume was at around 17 million.
The fresh infusion for Amazon Pay has come after a gap of nine months. In January, Amazon Pay had received Rs 1,355 crore from the holding company. Previously, it had secured Rs 450 crore in June 2019 and Rs 300 crore capital in January 2019 from its Singapore and Mauritius-based parent entities.
Online banking, payments, and using E-Wallets have been a side effect of the pandemic. It has been a flourishing arena and since it is the onset of festivals in India, there is no better time to pump money in, this sector, than right now.