E-Commerce giant Amazon continuing its investing in the Indian market has now acquired Noida-based payment gateway company, Emvantage Payments for an undisclosed sum.
The acquisition will help Amazon accelerate the development of convenient and trustworthy payment solutions for customers and the e-commerce industry in India, it said in a statement.
Post acquisition, Emvantage team will join Amazon India to build payment solutions for the local market.
Speaking about the acquisition, Srinivas Rao, director of Amazon Payments India said,
“EMVANTAGE is a valuable addition to our team as we accelerate our payment offerings, ensuring the best in class online payment experience anywhere that customers shop with us,”
Emvantage has developed a series of payment solutions including a payment gateway, mobile payment solutions and pre-paid card solutions, he added.
In December 2015, Housejoy, a home services marketplace had announced that it had completed Rs 150 Crore Series B funding from Amazon and others.
Amazon is investing heavily into setting up warehouses across the country to speed up delivery and efficiency. Amazon has been rapidly expanding into India’s fast growing e-commerce segment that is likely to grow to $220 billion by value of goods sold by 2025.
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.
In August 2015, Flipkart had acquired majority stake in payment services startup FX Mart Pvt Ltd. Freecharge and Snapdeal combined their forces, and launched their own mobile wallet, which is named as ‘FreeCharge Digital Wallet’.