On February 20, the regulator authorised the funds app to function as a cost aggregator
Since the start of 2024, licences have been granted to a complete of 10 firms.
Amazon Pay, the monetary expertise division of the e-commerce large Amazon, has lately secured the extremely sought-after cost aggregator (PA) licence from the Reserve Bank of India (RBI).
On February 20, the regulator authorised the funds app to function as a cost aggregator, enabling it to facilitate e-commerce transactions by way of its platform.
“We remain committed to simplify lives and fulfil the aspirations of merchants and customers. This (licence) 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,” stated Amazon Pay spokesperson.
The firm already possesses a Prepaid Payment Instruments (PPI) licence, permitting it to supply pockets providers comparable to Amazon Pay steadiness: Money.
Since the graduation of 2024, licences have been issued to a complete of 10 firms. These embody outstanding names comparable to meals aggregator Zomato, Juspay, Decentro, Mswipe, Zoho, Stripe, and others.
A cost aggregator licence authorises firms to supply cost providers to retailers (together with on-line companies or e-commerce companies) by accepting cost devices from clients.
As a part of their operations, cost aggregators combination funds obtained from clients and subsequently switch them to retailers inside a specified time-frame.
