Online marketplace Amazon said it will
buy online payments firm Emvantage Payments Pvt. Ltd. to develop India specific
payments solution. The announcement comes shortly after Amazon infused an
additional Rs. 1696 crore into its India Unit (Amazon Seller Services Pvt. Ltd)
in December 2015, to take on local rivals Flipkart and Snapdeal.
Large e-commerce companies have
made significant investments, acquisitions and partnerships with payment
companies to claim a share of the fast growing digital payments vertical which helps
reduce the dependency on cash and make it convenient for online shopping. The Indian
e-commerce market is estimated to grow to $100 Million by April 2020. Emvantage
employees will join Amazon payments team.
Jasper Info Tech Pvt. Ltd. run
online marketplace Snapdeal launched its mobile wallet through its utility payments
unit FreeCharge in September 2015. The company had set aside Rs. 1000 crore
towards cash back offers and discounts among other initiatives to attract more
consumers to FreeCharge Digital Wallet. Snapdeal had acquired FreeCharge for
$450 Million in April 2015.
Flipkart had acquired payments
services company FX Mart Pvt. Ltd. in August 2015. ANI Technologies Pvt. Ltd.
cab aggregator Ola had made its Ola Money digital wallet Available for making
payments in other e-commerce platforms.
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