Reserve Bank of India grants Amazon Pay a payment aggregator licence

The Reserve Bank of India has granted a payment aggregator license to Amazon India’s digital payments arm Amazon Pay. This enables the business to offer its customers online merchant payment services. 

“We are excited and thankful to receive the final authorisation from the Reserve Bank of India to function as a payment aggregator,” said a spokesperson for Amazon, ET Tech reported. “We remain committed to simplify lives and fulfil the aspirations of merchants and customers.”
 
Amazon Pay has already been granted a prepaid payment instrument licence in India. The business’ customer centred mobile wallet service can be utilised for digital and UPI payments in the country and Amazon Pay had issued 6.6 crore digital wallets by January this year. 

Its new payment aggregator license will enable Amazon Pay to bolster its business and increase ease of shopping for its customers. As Amazon Pay can now process e-commerce payments for its sellers on its app, they will be able to expand to offer this to direct to customer sellers who wish to get their goods online. 
 
“This 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’s spokesperson.