Amazon Gets Wallet License In India

by CXOtoday News Desk    Apr 17, 2017

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After e-commerce vendors Flipkart and Snapdeal, Amazon India gets a wallet license in India reports Medianama. This makes Amazon India one of the 84 companies to secure a license from the Reserve Bank of India (RBI) to operate payment licenses.

The license has been given to “Amazon Online Distribution Services Private Limited” on the 22nd of March 2017 and is valid till 31st of March 2022, according to the RBI website.

Here are the others in the domain Amazon will compete with:

PhonePe: The Flipkart owned wallet uses the Unified Payment Interface (UPI) which eliminates the need to add details of the beneficiary account and allows transaction upto one lakh rupees.

Paytm: The Alibaba backed company is one of the largest in the domain. Its QR code-based solution is being used by more than five million establishment. The user do not incur any cost at the point-of-service terminal and enables zero transaction charges.

Mobikwik: The wallet allows the user to pay or transfer money using the mobile number. Customers can buy goods and services from third party vendors, avoiding the high failure rates of payment gateway transactions in India.

FreeCharge: Snapdeal’s online payment platform registers approximately one million transactions every day. It provides online recharge facility to any prepaid and postpaid mobile phone and DTH and Data Cards in India and also one pay at petrol pumps as well.

State Bank Buddy: It is the first Indian e-wallet available in 13 languages. The State Bank’s mobile wallet has a feature which allows users to make bill payments, clear dues among other facilities.

PayZapp: HDFC Bank PayZapp, payment solution, allows the user to pay in just a single click. Its app is available to customers of all banks.

Ola Money: The ride hailing company’s app allows the user to add money in the wallet or directly use credit/debit card or net banking.

Airtel Money: Here every transaction is secured under the 4-digit mPin like most e-wallets. Using Airtel Money, one can pay bills, transfer money and make other financial transactions directly on the mobile phone.

Pockets: Launched by ICICI Bank, this mobile application is the first one that enabled UPI-based payments. It functions as a bank account more than a wallet. It offers facilities that are generally offered by a bank allowing the customers to make the transactions through mobile phone without the need of a bank account.

LIME: This Axis Bank’s app is available only on Android for an account and non-account holders. Users can make payment, and do transactions and online shopping.