Amazon Pay secures payment aggregator licence from RBI

Amazon Pay secures payment aggregator licence from RBI

Amazon Pay, the digital payments arm of e-commerce giant Amazon, has recently been granted a payment aggregator licence by the Reserve Bank of India (RBI). This move is set to further strengthen Amazon Pay’s presence in the rapidly growing digital payments landscape in India.

With this new licence, Amazon Pay will be able to facilitate transactions on its platform without the need for a bank account. This will make it easier for users to make payments and for merchants to receive funds quickly and securely.

Amazon Pay has been steadily expanding its reach in India, offering a wide range of payment options and services to both consumers and merchants. This new licence from RBI will only enhance its offerings and make it even more competitive in the market.

The RBI’s decision to grant Amazon Pay a payment aggregator licence is a testament to the company’s commitment to compliance and adherence to regulatory norms. It also reflects the growing importance of digital payments in India and the need for robust and reliable payment solutions.

Overall, Amazon Pay’s new licence from RBI is a significant development that is sure to benefit both consumers and merchants in India. It will help drive financial inclusion, promote digital transactions, and contribute to the overall growth of the digital payments ecosystem in the country.