Amazon to launch mobile wallet
Written by : SMTV24x7 | Thu, Apr 13, 2017, 06:57 PM
Mumbai, April 13: Amazon India has received approval from the Reserve Bank of India (RBI) to launch its wallet service in India, a media outlet reported.
Amazon India is among 84 companies that have received the Certificates of Authorisation under the Payment and Settlement Systems Act, 2007, for setting up and operating payment systems in India, according to a notification dated April 6 on the banking regulator’s website.
The license to Amazon Online Distribution Services Private Limited is valid from 22 March 2017 to 31 March 2022
"We are pleased to receive our PPI license from the RBI. Our focus is on providing customers a convenient and trusted cashless payments experience. The 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.”