BENGALURU: Amazon has infused another Rs 590 crore in its payments arm, Amazon Pay India, as it looks to boost its core retail sales by incentivising digital payment instruments.The payments arm has emerged as a significant avenue to provide products more affordably, through EMIs and offers, provide instant loans, etc.
The funding also comes at a time when the company is racing against time to comply with the data localisation norms of the RBI, for which the deadline ends on October 15.
The central bank has asked all payments players to store data only in India. While payments companies have sought additional clarity on the matter, the RBI is yet to come out with an update after its April circular.
Amazon had pumped in over Rs 1,200 crore in its payments business here prior to the latest funding.