Amazon India gets RBI nod for mobile wallet
Friday, April 14, 2017
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.
“We are pleased to receive our PPI license from the RBI (Reserve Bank of India). Our focus is providing customers a convenient and trusted cashless payments experience,” Amazon India said in a statement yesterday.