Global e-commerce major Amazon has said it will acquire online payment service provider Emvantage Payments Private Ltd for an undisclosed amount. The acquisition will help Amazon accelerate the development of convenient and trustworthy payment solutions for customers and the e-commerce industry in India, it said in a statement.
As part of this acquisition, Emvantage's employees would join Amazon's payments team to develop innovative payment products and solutions specifically for the Indian market. While not disclosing the deal amount, Amazon said the acquisition is expected to close in the first quarter of 2016.
"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. Emvantage has developed a series of payment solutions including a payment gateway, mobile payment solutions and pre-paid card solutions, it added.