Amazon buys online payment platform Emvantage

Amazon (NASDAQ:AMZN) will acquire online payment company Emvantage to provide shoppers in India with a digital payment option as the retailer seeks to grow its business there.

Emvantage offers a series of payment solutions including a payment gateway, mobile payment solutions and prepaid card solutions.

Roughly half of all shoppers in India use cash for online purchases. Digital payments that let users top off accounts in person or with prepaid cards are crucial for online retailers. Leading e-commerce retailers, including Alibaba and Flipkart, have all partnered with or acquired similar platforms. Flipkart is India's largest online retailer and was founded by two former Amazon employees.

"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," said Srinivas Rao, director of Amazon Payments India, in a statement.

Terms of the deal were not disclosed.

For more:
-See this Amazon announcement
-See this TechCrunch article

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