Amazon Pay has been granted a payment aggregator license by the Reserve Bank of India (RBI), marking a significant development for the fintech division of the e-commerce behemoth, Amazon India. This approval aligns Amazon Pay with other prominent players like Zomato, Razorpay, and Cashfree Payments, who have also received similar licenses from the central bank. Expressing gratitude for the authorization, an Amazon Pay spokesperson emphasized the company’s dedication to simplifying transactions for both merchants and customers.
With this license, Amazon Pay aims to enhance its distribution network and introduce innovative solutions tailored for merchants and customers alike. This move opens avenues for Amazon to expand its services, enabling it to facilitate e-commerce payments for sellers on its platform and extend support to direct-to-consumer sellers venturing into online sales. As noted by a senior executive, this development signals a substantial opportunity for Amazon to broaden its business scope and provide comprehensive payment processing solutions.
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