Latest News – Online marketplace Amazon India has secured a licence to operate pre-paid payment instrument (PPI) or mobile wallet in the country as it tries to compete more aggressively against rivals Snapdeal and Paytm.
The approval will help the US-based giant to cash in on the booming digital payments market in India.
In December, Amazon had launched its Pay Balance service to cash in on the digital payments boom. Similar to other mobile wallet services, the payment mechanism, however, was restricted to transactions made on Amazon’s platform.
Amazon Pay runs on the PPI licence issued to gift card provider Qwikcilver, in which Amazon had invested in 2014. Here are other prepaid wallet (Read More)