Reserve Bank of India grants a wallet license to Amazon India

Reserve Bank of India (RBI) has issued a wallet license, also known as pre-paid payment instrument (PPI) license to Amazon Online Distribution Services. The license so granted is valid only until 31 March, 2022 and will allow the e-tailer to operate its own payment gateway in India. It is expected that the company may link its wallet service (possibly underway!) to Amazon Pay – an already existing payment checkout option.

Early in March 2016, we reported that Amazon has applied for a...

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