Even as homegrown e-commerce major Flipkart is mulling an investment in BookMyShow, the online ticketing platform has inked a deal with rival e-tailer Amazon to allow transactions on its platform using payments solution Amazon Pay.
The arrangement, Amazon said in a press statement, will drive customers to use their Amazon Pay balance beyond the marketplace, helping its partners improve their payment conversion rates.
Amazon Pay, which rolled out third-party payments in July, is accepted across food delivery, travel, and movie-ticketing platforms. It is currently live on Redbus, Abhibus, Faasos, Freshmenu, Box 8, Haptik, Komparify and Niki, among others.
“Amazon… recognises that selection in third-party merchants encourages customers to maintain more balances, thus having ease in checkout along with the benefits associated with them. Customers can also use their ‘stored value accounts and gift certificates’ (balance) along with their stored cards, other new cards and net banking on partner merchant sites,” the e-commerce major said.
The development comes on the heels of a Mint report saying that Amazon’s key rival Flipkart was in talks to acquire a large minority stake in BookMyShow. Citing people familiar with the development, it said Flipkart was looking to infuse fresh capital into BookMyShow through the purchase of shares from some of its existing investors. The startup will be valued at $500-700 million in the proposed transaction, the report added.
Owned and operated by Bigtree Entertainment Pvt. Ltd, BookMyShow was launched in 2007. Today, it is the largest online ticketing platform in India with a presence across 650 towns and cities. The company sells tickets for movies, plays, sports and live events on its website and mobile app.
Amazon has been upping the ante on its payments business, a critical piece of the e-commerce puzzle. It is set to infuse Rs 1,600 crore ($245 million) into Amazon Pay (India) Pvt. Ltd, VCCircle had recently reported.
Amazon Pay had recently received two fund infusions, of $20 million and $10.5 million, from its US-based parent Amazon Inc and Singapore-based arm Amazon Corporate Holdings Pvt. Ltd.
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