The financial technology split-up of e-commerce giant Amazon, Amazon Pay marks major milestone in its operations by securing the RBI’s (Reserve Bank of India) valued Payment Aggregator (PA) license.

Amazon pay got the regulatory approval from RBI which permits the payments technology platform to operate as a payment aggregator and strengthen the functions to simplify the e-commerce transactions through its application.

Among the wave of licensing approvals, this auspicious announcement for Amazon Pay comes along with other 10 companies getting the desirable license since the beginning of 2024. In the midst of the approval recipients, the major companies are Juspay, Zomato, Decentro, Zoho, Stripe, Mswipe, underscoring the promising Digital Payments landscape in India.

The license of payment aggregator permits the company Amazon Pay to function as a mediator between the merchants or users and banks, payment processors. In essence, it facilitates the aggregator to admit the payment on the back of numerous merchants, combines them jointly and then deal out the respective funds & transactions to the merchants or users.

As well, along with this payment aggregator license, Amazon Pay obtains with a PPI (Prepaid Payment Instruments) license which enables it to function and operate its wallet services such as Amazon Pay balance.

On this regard, an official spokesperson of Amazon pay expressed his dedication towards enhancing the user experience by stating, "We remain committed to simplifying lives and fulfilling aspirations of merchants and customers. This license 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."

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