Amazon gets nod for mobile wallet: 10 other players offering this service

Online marketplace Amazon India has secured a licence to operate pre-paid payment instrument (PPI) or mobile wallet in the country as it tries to compete more aggressively against rivals Snapdeal and Paytm.

The approval will help the US-based giant to cash in on the booming digital payments market in India.

In December, Amazon had launched its Pay Balance service to cash in on the digital payments boom. Similar to other mobile wallet services, the payment mechanism, however, was restricted to transactions made on Amazon’s platform.

Amazon Pay runs on the PPI licence issued to gift card provider Qwikcilver, in which Amazon had invested in 2014. Here are other prepaid wallet services that Amazon will compete against:

1.PhonePe:

Flipkart-owned PhonePe uses the Unified Payment Interface (UPI), the peer to peer payment technology platform that allows users with a mobile phone transact digitally. As it is a UPI app, there is no need to add details of the beneficiary account and allows you to transact maximum up to 1 lakh rupees.

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http://www.business-standard.com/article/companies/amazon-gets-nod-for-mobile-wallet-10-other-players-offering-this-service-117041300696_1.html

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