India based payment arm of e-commerce giant Amazon has received $10.5m in funding from its Singapore-based arm Amazon Corporate Holdings. This is another recent example of Amazon's rising focus on digital payments.
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Amazon pay receives $10.5m funding
The payments arm, which is operated by Amazon Online Distribution Services Pvt Ltd, has also been rebranded to Amazon Pay (India) Pvt Ltd., documents filed with the Ministry of Corporate Affairs (MCA) show. Amazon India’s decision to change the name of its online payment portal was effected through an extraordinary general meeting (EGM) held by its board in March this year.
