Amazon receives RBI approval for e-wallet

Amazon India has received the RBI’s approval for an e-wallet ‘Amazon Pay’, which the e-tailer had applied for early last year. The licence has been issued to Amazon Online Distribution Services on March 22, 2017 and is valid for five years.

With this development, can now extend its payment experience to online shoppers which it had enabled in the first month of demonetization with the launch of Amazon Pay Balance in December 2016.

Pay Balance is a closed wallet that runs on Amazon and offers an easy and convenient one-click payment system compared with the two-factor authentication system that is prevalent in India. With Pay Balance, customers can fund their pre-paid balance using internet banking, credit/debit card using two-factor authentication, and thereafter, go cashless on
Takeaways from above News-
  • Amazon India has received the RBI’s approval for an e-wallet named ‘Amazon Pay’
  • RBI 24th governor is Urjit Patel and its headquarter is in Mumbai
  • Amazon CEO is Jeff Bezos and Headquarter is in United States.

If you have any other takeaways, do share with us in the comment section
Source- The Indian Express

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