, Inc. Set To Acquire Payments Service Emvantage

0, Inc. Set To Acquire Payments Service Emvantage
By Szk7788 (Own work) [<a href="">CC BY-SA 3.0</a> or <a href="">GFDL</a>], <a href="">via Wikimedia Commons</a>

According to reports in India, e-commerce behemoth, Inc. (NASDAQ:AMZN) is set to add to its portfolio by buying an Indian payments company.

The deal will see Amazon acquire online payment service provider Emvantage Payments Private Ltd. So far the exact terms of the deal have not been announced and the cost of the deal remains undisclosed, according to Reuters.

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Emvantage staff will join Amazon payments team to work on solutions for Indian market

According to a statement released by the company, the acquisition will aid Amazon in helping to pick up the pace of developing payment solutions and the e-commerce sector in India. Under the terms of the deal, staff at Emvantage will become part of their new parent company’s payments team, working on new payment products and solutions tailor made for the Indian market.

The company revealed that it expects the deal to be completed by the first quarter of 2016, but did not disclose how much money it would pay for Emvantage.

“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,” Amazon Payments India director Srinivas Rao said.

Amazon provides further evidence of interest in India

So far Emvantage has been responsible for a number of payment solutions. Among them are a payment gateway, mobile payment solutions and pre-paid cards. Amazon appears to be hoping that Emvantage can help in gain an edge in the ongoing fight for supremacy in India’s e-commerce space.

The company is currently locked in battle with Flipkart, Snapdeal and other companies. Amazon is presumably excited by continued growth in the e-commerce industry in the world’s second most populous country, after China.

E-commerce is growing fast in India, and the country is the fast growing e-commerce market in the Asia-Pacific region. Analysts believe that growth is being driven by increased rates of internet use and the growing amount of disposable income enjoyed by Indian consumers.

Online sales currently sit around $20 billion per year and are forecast to rise to as much as $53 billion by 2023. Amazon is well placed to profit from this growth.

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While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala. <i>To contact Brendan or give him an exclusive, please contact him at [email protected]</i>

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