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Amazon India Given Approval For Digital Wallet, Indian E-Commerce War Heats Up!
Amazon India has received approval for digital wallets from the Reserve Bank of India (RBI.) Amazon Online Distribution Services (AODS) was awarded the license on March 22 and this license is valid until the end of the fiscal year 2022.
With this, Amazon India will be giving a tough fight to other Indian e-commerce sectors in India as it has gained a slice of India’s fast growing digital payments business.
The rise of digital wallets has actually happened after the Indian Government’s declaration of Demonetization and Paytm is one such company capitalizing on it.
Sriram Jagannathan, vice-president of payments at Amazon India said: “We are pleased to receive our PPI license from the RBI. Our focus is providing customers a convenient and trusted cashless payments experience. RBI is in the process of finalizing the guidelines for PPIs. We look forward to seeing a continuation of the low-limit wallet dispensation with simplified KYC (know-your-customer norms) and authentication. This will allow us to help customers adopt digital payments at scale and thereby contribute towards making India a less-cash economy,”
After Amazon’s digital payments platform is completely available, users can deploy/top-up their wallet for future purchases and also give Amazon an effective channel for cashback offers, faster refunds, and other incentives.
Currently, Alibaba-owned Paytm is the largest e-wallet company in India followed by smaller platforms like Freecharge and Mobikwik.
Only time decides how Flipkart faces the heat and competition it gets from its rival Amazon.
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