Amazon.com Inc. invested another 5.9 billion Indian rupees in Amazon Pay India as the e-commerce giant aims to leverage its local payments arm to increase sales, The Economic Times reported Oct. 4.
Amazon Pay India allows users to take out loans and pay for their purchases monthly through its own equated monthly installment service, and offers discounts, separate to providing digital payments services.
The latest infusion comes as the company races to comply with the data localization norms of the Reserve Bank of India by an Oct. 15 deadline.
The new data localization scheme mandates payments firms to store data — which includes full transaction details, information collected, carried and processed as part of the transaction, as well as payment instructions — only in India.
The new financing adds to Amazon's list of sizable investments in India.
In July, the Seattle-based online retailer invested 2.3 billion rupees into Amazon Pay, on top of a previous 19.5 billion rupee infusion.
Amazon Pay acquired Indian personal assistant platform Tapzo in a part-stock, part-cash deal valued at $40 million to $45 million in August, after which it introduced a bill payments function on its dashboard and on Amazon India's mobile app and desktop homepage.
As of Oct. 4, US$1 was equivalent to 73.82 Indian rupees.