Amazon announced that it intends to purchase Indian online payments firm Emvantage, an interesting move for the Seattle-based e-commerce giant to gain ground in mobile payments.
“We are laser focused on providing customers in India with a convenient and trust worthy shopping experience” said Srinivas Rao, Director Amazon Payments India.
There are more than 50% of Amazon’s Indian customers still use cash for online purchases and acitivites at the moment, thats one of crucial things Amazon wanted to solve by this acquisition.
The purchase may be a sign that Amazon learned from its experience in China, where competitor Alibaba developed its Alipay service, and JD.com partnered with Tencent to use its WeChat mobile services.
Amazon did not disclose the price of the deal though. The acquisition is expected to close in the first quarter of 2016.