Now Amazon gets green signal for digital wallets; to continue 'low-limit' transactions
E-commerce major, Amazon India received approval from Reserve Bank of India (RBI) to begin operations on its digital wallet platform.
The license for the company’s digital wallet payments gateway through Prepaid Payment Instrument (PPI) was requested for last year and will be valid till the year 2022.
“We are pleased to receive our PPI licence 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," a report by Live Mint quoted Sriram Jagannathan, vice-president of payments at Amazon India.
Jagannathan further added, "This will allow us to help customers adopt digital payments at scale and thereby contribute towards making India a less-cash economy.”
In early 2017, the company which allowed users to pay online on the market place, also makes check-in and check-out process simpler by using information already stored in the Amazon account.
Amazon has also offered incentives to customers using Amazon Pay in order to expand the user base.
The Pay Balance services by Amazon was launched in December 2016 to boost cashless transactions during the demonetisation era.
The new initiative was similar to how mobile wallets worked.
Media reports on Wednesday said that the scope of Amazon’s Pay Balance services will now not be restricted to Amazon-based transactions which was the case earlier.