E-commerce giant Amazon has infused INR2.2bn ($30m) into its payments arm Amazon Pay.
The latest move marks the fourth fund infusion into Amazon Pay by its parent in a year.
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Last month, the payments business received a capital infusion of INR5.9bn from Amazon.
In July 2018, Amazon Pay received INR2.3bn from its parent. The payments unit also secured INR1.9bn from Amazon this March.
Amazon said that during its recent festive season in India, digital transactions constituted 75% of all transactions.
The e-commerce firm attributed the rise in digital transactions to cash backs and other easy payment options delivered through Amazon Pay.
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By GlobalDataMeanwhile, revenues of Amazon Pay soared 5100% this financial year even as the company’s losses surged 88%.
In the financial year 2017-18, the company posted a loss of INR3.3bn and invested INR2.6bn on ads and promotions.
“While the services of the company saw significant adoption in a short period of time, the new KYC regulations have impacted customer experience and negatively altered the migration trajectory of cash customers to digital. APIPL, however, remains committed to solving this challenge and has applied for a KUA licence to offer customers digital Aadhar-based KYC services which are currently under review with UID,” the company stated in its fillings.
