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RBI gives aggregator payment license to Amazon Pay

26 Mar 2024 , 03:17 PM

Amazon Pay, the digital payments arm of ecommerce giant Amazon India, has been granted a payment aggregator (PA) licence by the Reserve Bank of India. It now joins Zomato, Google Pay, Zoho, and others in being eligible to provide online merchant payment services to its customers.

We are grateful to have received the official approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator. Our dedication is steadfast in streamlining experiences and meeting the needs of both merchants and customers, stated a spokesperson from Amazon.

After the PPI (prepaid payment instrument) licence, this is Amazon Pay's second regulatory approval in India. It runs a consumer-focused mobile wallet that accepts all types of digital and UPI payments.

According to RBI data, Amazon Pay has issued 6.6 crore wallets as of January 2024. According to statistics, it was utilised in over 40 lakh transactions that month.

A PA licence will let Amazon to grow its merchant payments operation, which is a significant potential for the ecommerce giant considering its enormous online retail business in India.

This enables us to enhance our distribution networks and offer inventive solutions to our merchants and customers throughout India, providing them with secure, convenient, and gratifying digital payment experiences, the spokesperson stated.

From December 2023, the central bank began issuing final PA licences. Major payment providers such as Razorpay, Cashfree, MSwipe, and Juspay also received the licence.

In FY23, Amazon Pay recorded operational revenue of 2,093 Crore, which was nearly unchanged from the previous year. However, its net loss fell to 1,499 Crore from 1,740 Crore the year before.

For feedback and suggestions, write to us at editorial@iifl.com

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Related Tags

  • Amazon Pay
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  • RBI
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