Amazon Acquires Indian Online Payment Provider
Feb. 18, 2016
Amazon has agreed to acquire an online payments provider based in New Delhi, signaling an even deeper push into the nascent—but potentially enormous—Indian e-commerce space. Emvantage Payments offers an online payment gateway in addition to mobile and prepaid card solutions for online transactions. The company and its employees will become part of Amazon’s payments team developing solutions specifically for the Indian market.
“We are laser focused on providing customers in India with a convenient and trustworthy shopping experience” said Srinivas Rao, director of Amazon Payments India. “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.”
Financial terms of the deal were not disclosed. Amazon said it expects the acquisition to close before the end of March.