Tapzo, the app aggregator acquired by Amazon Pay, announced on Tuesday (Sept. 4) that it is shutting down the mobile app.
According to a report in DEALSTREETASIA, citing an email to customers, Tapzo said the app is shutting down on Oct. 31 and that the entire Tapzo balance will be credited to customers’ bank accounts.
“Since we launched the app three years ago, we’ve been fortunate to serve over five million customers. Your feedback and reviews (200,000+ on PlayStore alone) and the 4.5 rating kept us motivated and always learning. It’s been a pleasure listening to you all and continuously shipping an app update every few weeks … but all good things must come to an end,” Tapzo said, according to the report.
In order to get an automatic refund, noted customers have to register their bank account details with the app.
The report noted that Amazon has spent between $35 million and $40 million to acquire Tapzo. While Amazon wouldn’t confirm the stock and cash deal, a company spokeswoman told BRG India that the company is committed to building its digital payments business in India.
“Our commitment to the vision of a less-cash India remains the same. Our goal is to make it easier than ever before for customers to make digital payments by improving customer experience, affordability and daily routines,” the Amazon spokeswoman said, according to the report.
With competition in India heating up, Amazon is doing whatever it takes to compete with rivals such as Flipkart’s PhonePe and Alibaba-backed Paytm. In June, it was reported that after committing $5 billion to investments in India, Amazon reportedly wants to increase its investment by $2 billion. “Amazon has had its eyes and ears firmly on the ground and has been carefully planning its strategy,” an unnamed source said. “India is one of its fastest-growing geographies, and Amazon will not be left behind.”