Amazon.com Inc. invested another 3 billion rupees in capital into Amazon Pay in India, The Economic Times (India) reported Jan. 12, citing filings to the country's Register of Companies.
The investment follows a series of capital infusions by the e-commerce giant in its Indian payments arm.
It also comes as Amazon Pay India faces competition from local rivals Paytm Mobile Solutions Pvt. Ltd., PhonePe Internet Private Ltd, as well as from U.S. rival Google LLC, the only U.S. tech giant granted with a prepaid payment instrument license by the Reserve Bank of India, the newspaper said.
ET recently reported that Amazon Pay India was testing a product based on the Unified Payments Interface in India in partnership with Axis Bank Ltd.
As of Jan. 11, US$1 was equivalent to 70.40 Indian rupees.