Amazon to acquire Indian payments firm Emvantage
Amazon.com, Inc. has agreed to acquire Emvantage Payments Pvt. Ltd., a privately held company that offers services in the area of online payments.
EMVANTAGE has developed a series of payment solutions including a payment gateway, mobile payment solutions and pre-paid card solutions. The acquisition of EMVANTAGE will help Amazon accelerate the development of convenient and trust worthy payment solutions for customers and the ecommerce industry in India. As part of this acquisition, EMVANTAGE’s employees will join Amazon’s payments team to develop innovative payment products and solutions specifically for the Indian market.
“We are laser focused on providing customers in India with a convenient and trust worthy shopping experience” said Srinivas Rao, Director 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.”
Subject to customary closing conditions, the acquisition is expected to close in the first quarter of 2016.
Source: Finextra
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