Amazon infuses Rs 195 Cr into payments arm Amazon Pay

Amazon has infused Rs 195 crore more into its payments arm Amazon Pay.
 
This comes just months after the infusion of Rs 260 crore in September, as the company looks to push its wallet beyond its marketplace to other online merchants and take on Flipkart’s PhonePe and Paytm.
 
The latest infusion came from Singapore-based Amazon Corporate Holdings Pvt Ltd and Amazon.com.incs Ltd, as per RoC filings sourced by Paper.vc.
 
Amazon India recently undertook a rejig in the payments business, appointing Mahendra Nerurkar as head of Amazon Pay, while former head Sriraman Jagannathan, vice president, will continue to lead the Board of Amazon Pay with a specific focus on long-term strategy and new initiatives, the company had said.
 
The company also brought in Mayank Jain who was till recently a senior executive at rival Flipkart, where he was heading financial services for the company.
 
Amazon Pay's wallet, however, has been impacted in recent weeks following the full-KYC guidelines coming into effect. Mobile wallet companies are expected to lose thousands of customers who may not want to compete full KYC for the small transactions.
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