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Malavika Velayanikal · · 1 min readBrief: Amazon gets payments license to run wallet in India
Original photo credit: Pixabay.
- Amazon India has received a payment license from the Reserve Bank of India to offer a wallet to its users. Only 84 companies operating in India hold this license.
- Amazon users will be able to store money in the wallet and pay with one click, bypassing the two-factor authentication otherwise required for online payments in India.
- Amazon had earlier introduced Amazon Pay in India last December, which was a rebranding of its gift cards. This will likely be merged with the wallet.
Source: Medianama
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