India, April 25 -- Ecommerce giant Amazon has infused INR 350 Cr into its digital payments arm Amazon Pay India as it looks to scale up its presence in the country's UPI market.

According to the MCA filing assessed by Inc42, Amazon Pay issued 35 Cr equity shares at INR 10 apiece to Amazon Corporate Holdings Private Limited and Amazon.com to secure the investment on a rights issue basis.

The development was first reported by the Economic Times.

In terms of UPI transactions, Amazon Pay was at the 8th position with a total of 111.06 Mn transactions (transaction volume) recorded in the month of March, as per National Payments Corporation of India (NPCI) data

While leading fintech platforms PhonePe and Google Pay held 47.25% and 36.04% of ...