Amazon Pay gets RBI's payment aggregator license
Amazon Pay secures payment aggregator license from RBI. The RBI has given the license to as many as 10 companies since the start of 2024, including Zomato, Juspay, Decentro, Zoho and Stripe.
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Amazon Pay, the fintech arm of e-commerce major Amazon, is the latest to get the payment aggregator (PA) license from the Reserve Bank of India (RBI).
The regulator gave its go ahead to the payments app to carry out business as payment aggregator, which will allow it to facilitate ecommerce transactions through its app, Moneycontrol reported.
As many as 10 companies have been given out the license since the start of 2024. This includes food aggregator Zomato, Juspay, Decentro, Mswipe, Zoho, Stripe among others, it states.
The company already holds a Prepaid Payment Instruments (PPI) license to operate its wallet services-Amazon Pay balance: Money, the RBI documents shows.
“We remain committed to simplify lives and fulfill the aspirations of merchants and customers. This (license) allows us to further strengthen our distribution channels and deliver innovative solutions for our merchants and customers across India providing them with secure, convenient, and rewarding digital payment experiences," said Amazon Pay spokesperson.
