Ahead of its annual flagship festive season sale, Amazon infuses ₹700 crore into its payments arm Amazon Pay.

This fresh infusion of funds was made by its Singapore-based parent entity, Amazon Corporate Holdings Pvt Ltd and Amazon.com. Earlier this year, in January, Amazon Pay had received ₹1,355 crore from the holding company. With this latest infusion, Amazon Pay has received a total of ₹5,055 crore from its holding company since its inception in 2016.

Amazon Pay competes with PhonePe, Paytm and Google Pay at a time when digital transactions are witnessing a steady rise thanks to Covid-19 when people prefer contactless modes of payment.

Yesterday, Amazon India partnered with IRCTC (Indian Railway Catering and Tourism Corporation) to provide customers with the facility to book reserved train tickets on Amazon. Customers will get a 10 per cent cashback of up to ₹100 on their first train ticket booking, and Prime members can avail 12 per cent cashback up to ₹120 for the same.

With this launch, Amazon Pay adds another travel category, thereby offering its customers a one-stop-shop for booking flights, bus and train tickets. All utility, mobile recharge and DTH bills can be paid using Amazon Pay.

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