Amazon pumps in Rs 260cr into Amazon Pay

In a bid to take on take on Flipkart's PhonePe and Paytm, Amazon has pumped in another Rs 260 crores in its payment arm, Amazon Pay.

According to the Economic Times, the e-retailer bagged the investment from Singapore-based Amazon Corporate Holdings and its parent company in the US, a filing with the Registrar of Companies (RoC) showed.

In April, Amazon received the Reserve Bank of India’s nod to launch its own digital wallet in India and has since then put in more than Rs 350 crore into Amazon Pay. The e-commerce giant recently increased the authorized capital for its payments arm to Rs 2,000 crore.

Amazon had activated third-party payments in July and earlier this week, it signed an agreement with BookMyShow allowing users to make transactions on the online ticketing platform with Amazon Pay.

Last week, Flipkart committed $500 million for its payments platform PhonePe. Paytm also raised  $1.4 billion from SoftBank earlier this year.