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 its payment solutions for customers.
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.
Commenting on the development, Srinivas Rao, Director Amazon Payments India said, “We are laser focused on providing customers in India with a convenient and trust worthy shopping experience”. He added, “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.Category Business News