LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Small Business News

Now Amazon gets green signal for digital wallets; to continue 'low-limit' transactions

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Now Amazon gets green signal for digital wallets; to continue 'low-limit' transactions
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. Image Source: Amazon ad/ Youtube
Written By: ZeeBiz WebTeam
Updated: Thu, Apr 13, 2017
08:37 am
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Former worker sues Amazon for not providing lunch breaks Former worker sues Amazon for not providing lunch breaks
Amazon Fab Phones Fest Sale 2021: Smartphone buyers alert! Check best deals, top offers on latest mobile phones and accessories Amazon Fab Phones Fest Sale 2021: Smartphone buyers alert! Check best deals, top offers on latest mobile phones and accessories
Big development! Amazon ordered to shut facility in this country - Here is why Big development! Amazon ordered to shut facility in this country - Here is why
LPG Cylinder Booking Online: You can save up Rs 100 on gas refill - Here is how LPG Cylinder Booking Online: You can save up Rs 100 on gas refill - Here is how
Revealed! What Amazon boss Jeff Bezos said about his ex-wife's marriage Revealed! What Amazon boss Jeff Bezos said about his ex-wife's marriage

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.

 

 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
AmazonAmazon IndiaStartupdigital walletpayments gatewayAmazon PayPrepaid Payment InstrumentRBIReserve Bank of India
RELATED NEWS
Former worker sues Amazon for not providing lunch breaks Former worker sues Amazon for not providing lunch breaks
Amazon Fab Phones Fest Sale 2021: Smartphone buyers alert! Check best deals, top offers on latest mobile phones and accessories Amazon Fab Phones Fest Sale 2021: Smartphone buyers alert! Check best deals, top offers on latest mobile phones and accessories
Big development! Amazon ordered to shut facility in this country - Here is why Big development! Amazon ordered to shut facility in this country - Here is why
LPG Cylinder Booking Online: You can save up Rs 100 on gas refill - Here is how LPG Cylinder Booking Online: You can save up Rs 100 on gas refill - Here is how
Revealed! What Amazon boss Jeff Bezos said about his ex-wife's marriage Revealed! What Amazon boss Jeff Bezos said about his ex-wife's marriage

LATEST NEWS

Vakeel Saab Collection: Blockbuster! Pawan Kalyan comeback movie sets box office on fire!

CBSE Board Exam 2021 Latest News: Class 10, 12 students alert! Controller Dr. Sanyam Bhardwaj says this

Earthquake hits this region of Madhya Pradesh

Lockdown in Delhi? CM Arvind Kejriwal confirms this after review meeting

PM Narendra Modi says 'Tika Utsav' beginning of second big war on COVID-19

FDI Limit in Pension Sector: Modi government may do this soon - All you need to know

Upstox customers alert! Very important security breach message for you from your broking firm

Air Bubble agreement: Finalised! Travel between India, Sri Lanka to become easier - Here is how

MASSIVE! Top 10 best-selling smartphones: Apple grabs 6 places - These 3 iPhones contribute to 71% sales in Jan 2021

Amazing investment strategy to enjoy life after retirement! This is the right approach to achieve solid financial stability

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved