36 C
Saturday, April 20, 2024

With the RBI’s Payment Aggregator License, Amazon Pay Can Now Function as a Payment Aggregator

<p><strong>Mumbai:</strong> The fintech division of major e-commerce player Amazon India, Amazon Pay, announced in a statement that it has obtained a payment aggregator license from the Reserve Bank of India (RBI), marking a significant development. It’s interesting to note that Amazon Pay has recently joined the group of businesses to which the RBI has granted permission to function as payment aggregators (PA).</p>
<p><img decoding=”async” class=”alignnone wp-image-451833″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-with-the-rbis-payment-aggregator-license-amazon-pay-can-now-function-as-a-payment-.jpg” alt=”theindiaprint.com with the rbis payment aggregator license amazon pay can now function as a payment” width=”1427″ height=”920″ title=”With the RBI's Payment Aggregator License, Amazon Pay Can Now Function as a Payment Aggregator 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-with-the-rbis-payment-aggregator-license-amazon-pay-can-now-function-as-a-payment-.jpg 700w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-with-the-rbis-payment-aggregator-license-amazon-pay-can-now-function-as-a-payment–150×97.jpg 150w” sizes=”(max-width: 1427px) 100vw, 1427px” /></p>
<p>“We are thrilled and appreciative to have the Reserve Bank of India (RBI) grant us final permission to act as a payment aggregator. We are still dedicated to making people’s lives easier and realizing merchants’ and customers’ dreams,” a representative for Amazon Pay was cited by Business Standard.</p>
<p>Significantly, on February 20, Amazon Pay received regulatory approval, enabling the payments platform to act as a payment aggregator and enabling it to facilitate e-commerce transactions via its application.</p>
<p>This occurs in the midst of a wave of license approvals; since 2024, ten companies have been granted the coveted license.</p>
<p>In a statement, the business claimed that the banking regulator’s approval would allow it to improve its channels of distribution.</p>
<p>The firm will be able to further strengthen its distribution channels and provide creative solutions for customers and merchants throughout India, the spokesperson continued.</p>
<p>In addition to Amazon Pay, this month’s final RBI authorization for payment aggregator (PA) licenses was granted to enterprise software-as-a-service (SaaS) provider Zoho and two fintech startups, Decentro and Juspay.</p>
<p>It’s important to note that the only other businesses to obtain the license in January were the food delivery service Zomato and the fintech companies Tata Pay and Stripe. Since 2024, almost ten businesses—including food aggregator Zomato, Juspay, Decentro, Mswipe, Zoho, and Stripe—have received the license.</p>
<p>According to RBI documents, Amazon Pay already possesses a Prepaid Payment Instruments (PPI) license to run its wallet services. Amazon Pay balance: Money.</p>
<p>A payment aggregator license allows a business to act as a middleman between banks and merchants. It also gives the aggregator the ability to receive payments on behalf of several merchants, combine them, and then split the proceeds among the individual merchants.</p>
<p>In addition to the license for payment aggregators, Amazon Pay possesses a license for Prepaid Payment Instruments (PPI), which permits it to run its wallet services, such as Amazon Pay balance: Money, in accordance with RBI documentation.</p>

Related Articles

- Advertisement -
- Advertisement -
- Advertisement -
error: Content is protected !!