4 hours ago
The Payments Council of India (PCI), an industry body for digital payment operators in the country, is in the final stages of submitting its independent application to become a self-regulatory organisation (SRO) for digital payments, under the Reserve Bank of India’s mandate, said two sources aware of the development. The PCI, which operates under the Internet and Mobile Association of India (IAMAI), will float a
new not-for-profit entity which would serve as the SRO entity, and is looking to on-board various stakeholders and other industry associations as members apart from existing payments companies, they said on the condition of anonymity.
Amazon infuses Rs 225 crore into Amazon Pay India
March 12, 2021
Amazon.com Inc. has pumped in Rs 225 crore worth of equity funding into Amazon Pay (India) Pvt Ltd, the e-commerce giant’s digital payments arm in India, according to regulatory disclosures. Amazon had previously infused Rs 700 crore worth of equity capital into Amazon Pay in October 2020 and around Rs 1,355 crore in January last year.
According to regulatory filings with the Ministry of Corporate Affairs (MCA), accessed by MediaNama, Amazon Corporate Holdings Pvt Ltd (Singapore) has invested Rs 224.9 crore, while Amazon.com Inc (Mauritius) has invested Rs 2.24 lakh as part of this equity infusion. In October last year, Amazon Pay India increased its authorised share capital to $2.2 billion from $820 million
RBI seeks industry inputs on regulating digital lending apps: Report medianama.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from medianama.com Daily Mail and Mail on Sunday newspapers.
E-commerce platforms like Amazon and Flipkart are doubling down on their 'buy now pay later' or embeded lending options for consumers given that over the past year such credit product options have exploded as transactions on e-commerce websites gained greater ground over physical retail stores.
January 21, 2021
MobiKwik’s net revenues grew by 134% to ₹379 crore at the end of FY20 from ₹162 crore on the back of higher revenue from consumer payments. The mobile payments app has a user-base of 120 million and has been expanding its product offerings with lending and investment options over the past year, it said in a blogpost.
The payments company founded in 2009 by Bipin Preet Singh and Upasana Taku has raised a total of $100 million in funding from Sequoia Capital, Bajaj Finance, and American Express among other investors. In December 2020, the company raised ₹52 crore from Hindustan Media Ventures, the investment arm of HT group and from the family office of Infosys co-Founder Kris Gopalakrishnan. This capital would be used for growing its lending and payments business, it said in a press statement. The company plans to launch an initial public offering in 2022.