India’s Central Bank Approves Amazon e-Wallet

Amazon India received the Reserve Bank of India’s approval to launch its own digital wallet in India. This will give the American online retail giant a slice of India’s fast-growing digital payments business pie.

Amazon will now be able to take on Paytm (an acronym for “pay through mobile”) and Freecharge both mobile payment platforms, as it prepares to launch a prepaid wallet service that will be broader in scope than its Pay Balance service which is restricted to only Amazon-based transactions.

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Wallet services help customers bypass the two-step authentication process for online payments using credit or debit cards and makes the process smoother for online shoppers while plugging a key gap in the payments process that reduces the risk of loss of business from online shoppers, reports the Livemint.

 

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Posted on by Gunjan Bagla
Gunjan Bagla
California-based management consultant Gunjan Bagla runs Amritt, a consulting firm helping American companies to succeed in India. Amritt is the trusted advisor for India market research, India business development, India market entry, Global Engineering, Global Technology Scouting, India R&D and Open Innovation. Gunjan is author of "Business in 21st Century India: How to Profit Today from Tomorrow’s Most Exciting Market" (Hachette Book Group, 2008), Amazon's top rated title on the subject. He has appeared as the India Expert on BBC Television, Bloomberg TV, Fox Cable Business and has been quoted in the New York Times, the Los Angeles Times, the Hollywood Reporter and Business Week for his expertise on India.

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