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RBI has been wary of allowing tech giants in the banking space
Amazon Pay India, the American e-commerce major's payments app, is also set to offer deposit booking services for its customers
Manesh Mahatme brings with him 17 years of experience in digital financial services and payments across Citibank, Airtel Money and Amazon
The acquisition would help PhonePe in its "super app and vernacular language" strategy to integrate various apps on its platform.
Last October, ahead of the festive season, Amazon had invested Rs 700 crore in Amazon Pay
The e-commerce major has also launched the 'Amazon Pay For Business' app for small and medium businesses to enable seamless acceptance of digital payments.
Wish to convert cash-hardened customer into a digital one: Amazon Pay CEO
With more than 500 million users, WhatsApp counts India as its biggest market
Amazon Pay got the capital infusion in March by allotting 22.5 crore equity shares
The fresh infusion is expected to help the company compete more aggressively against rivals like PhonePe, Google Pay and Paytm
Initiative will cover seven cities
Flipkart saw more than 250 mn customers over a 5-day period during its flagship 'Big Billion Day' sale event, and PhonePe reached milestone of 1 billion monthly payment transactions, McKenna said
The digital payments firm has rolled out the compensation to all its employees ranging from software engineers, product managers to customer experience and on-ground sales agents
Even as Paytm, PhonePe and Amazon Pay collectively lost $1 billion in FY19, WhatsApp has come up with Business, its first revenue-making initiative in India
After the closure of the financial year 2019-20, the firm has revised authorised share capital from Rs 6,000 crore to Rs 16,000 crore in an extraordinary general meeting held in September this year
Move will help PhonePe access dedicated, long-term funds for its growth plans. In this financing round led by Walmart, PhonePe is raising $700 mn primary capital at post-money valuation of $5.5 bn
Govt is turning anti-consumer in digital payments
India is the first market where the two American companies have formed such an alliance
Amazon Pay has received the infusion from Amazon Corporate Holdings Private Limited, Singapore and Amazon.com Inc Limited, Mauritius, according to the documents filed by Amazon