Reserve Bank of India (RBI) granted payment aggregator licence to Amazon Pay, on Monday.
With this, the fintech arm of e-commerce giant, Amazon India, joins companies like Zomato, Razorpay, Cashfree Payments, Tata Pay, EnKash, Stripe Decentro and Juspay that received aggregator licence from the central bank.
“We are excited and thankful to receive the final authorisation from the Reserve Bank of India (RBI) to function as a payment aggregator. We remain committed to simplify lives and fulfill the aspirations of merchants and customers,” an Amazon Pay spokesperson has been quoted as saying.
The company will now be able to strengthen its distribution channels and deliver innovative solutions for the merchants and customers, according to the spokesperson.
“For Amazon, this could be a very big business where they can now process e-commerce payments for sellers on their app, they can also offer the service to direct-to-consumer sellers looking to sell products online,” Economic Times quoted a senior executive of the company as saying.
