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The RBI approves Amazon Pay as a payment aggregator as competition heats up

<p>The Reserve Bank of India (RBI) has granted Amazon Pay, the financial technology arm of the massive online retailer, the much-desired payment aggregator (PA) license.</p>
<p><img decoding=”async” class=”alignnone wp-image-451389″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-rbi-approves-amazon-pay-as-a-payment-aggregator-as-competition-heats-up-amazon.jpg” alt=”theindiaprint.com the rbi approves amazon pay as a payment aggregator as competition heats up amazon” width=”1005″ height=”670″ title=”The RBI approves Amazon Pay as a payment aggregator as competition heats up 9″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-rbi-approves-amazon-pay-as-a-payment-aggregator-as-competition-heats-up-amazon.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-rbi-approves-amazon-pay-as-a-payment-aggregator-as-competition-heats-up-amazon-150×100.jpg 150w” sizes=”(max-width: 1005px) 100vw, 1005px” /></p>
<p>On February 20, the regulator gave the payments app permission to function as a payment aggregator, allowing it to use its platform to handle e-commerce transactions.</p>
<p>“We are still dedicated to making life easier and realizing the dreams of both consumers and retailers. According to an Amazon Pay representative, “This (licence) enables us to further strengthen our distribution channels and deliver innovative solutions for our merchants and customers across India, giving them safe, convenient, and rewarding digital payment experiences.”</p>
<p>With its current Prepaid Payment Instruments (PPI) license, the business is able to provide wallet services like Amazon Pay balance: Money.</p>
<p>Ten firms in all have received licenses since the year 2024 began. Among them are well-known brands like Juspay, Decentro, Mswipe, Zoho, Stripe, and food aggregator Zomato.</p>
<p>By receiving payment instruments from clients, a payment aggregator license enables organizations to provide payment services to merchants, such as internet corporations or e-commerce enterprises.</p>
<p>Payment aggregators accept money from clients and then combine it into one big sum that is sent to merchants in a certain amount of time.</p>

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