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Amazon Pay get RBI's payment aggregator license; Here's what the company said

IndianStartupNews

IndianStartupNews · 1y ago

Amazon Pay get RBI's payment aggregator license; Here's what the company said

Amazon Pay, the digital payments arm of Amazon India, has been granted a payment aggregator (PA) license by the Reserve Bank of India. This license positions Amazon Pay among a select group of companies authorized to offer online merchant payment services in India. With this approval, Amazon Pay aims to enhance its merchant payment business and deliver secure, convenient, and rewarding digital payment experiences. The Payment Aggregator license allows Amazon Pay to operate as an intermediary between merchants and payment processors, consolidating payments and meeting financial and security standards.

Related News

Amazon Pay secures payment aggregator licence from RBI

Economic Times

Economic Times · 1y ago

Amazon Pay secures payment aggregator licence from RBI

Amazon Pay has received a payment aggregator (PA) license from the Reserve Bank of India, allowing it to offer online merchant payment services. This license will enable Amazon to strengthen its merchant payments business and provide secure and convenient payment experiences to its customers. Amazon Pay operates a consumer-focused mobile wallet and has issued 6.6 crore wallets as of January 2024. With this license, Amazon can process e-commerce payments and expand its services to direct-to-consumer sellers. In FY23, Amazon Pay reported operational revenue of Rs 2,093 crore and a net loss of Rs 1,499 crore.

Amazon Pay, Adyen, BillDesk secure cross-border payment licence from RBI

Economic Times

Economic Times · 1y ago

Amazon Pay, Adyen, BillDesk secure cross-border payment licence from RBI

Three payment companies in India, BillDesk, Amazon Pay, and Adyen, have received the cross-border payment aggregator license from the Reserve Bank of India (RBI). They join Cashfree in the list of license holders, allowing them to offer payment services in the export-import space. With India being a significant market for remittances and global freelancers, the cross-border payment aggregators have the opportunity to tap into this market. All five companies also hold payment aggregator licenses, enabling them to offer merchant payment services domestically. BillDesk, Amazon Pay, and Adyen have established themselves as leading players in their respective areas.

Amazon infuses Rs 350 crore into India payments business amid growing competition

Economic Times

Economic Times · 4m ago

Amazon infuses Rs 350 crore into India payments business amid growing competition

Amazon has injected Rs 350 crore into Amazon Pay India to enhance competitiveness against rivals like PhonePe and Google Pay. This follows previous fundings and takes place as Flipkart’s fintech app seeks additional capital. Amazon Pay ranks eighth in UPI transaction volume, with a market share of 0.6%. It recently obtained a payment aggregator license from RBI, enhancing its merchant payment capabilities. The company reported increased revenue and reduced losses for FY24.

Amazon Pay India reports Rs 2,286 crore revenue for FY24, cuts losses by 39%

Economic Times

Economic Times · 10m ago

Amazon Pay India reports Rs 2,286 crore revenue for FY24, cuts losses by 39%

Amazon Pay, the digital payments arm of Amazon, achieved a 9.22% increase in operating revenue to Rs 2,286 crore in the financial year ending March 2024. The company reduced its losses by 39% to Rs 911 crore during the same period. Total expenses decreased to Rs 3,280 crore and employee benefit expenses slightly declined. Amazon Pay raised Rs 850 crore during FY24 and an additional Rs 600 crore in May FY25 to compete with other payment platforms. The company is India's seventh-largest UPI player and recently obtained a payment aggregator license from the RBI.

The Instamojo Fallout: What Happened When The RBI Cancelled Payment Aggregator Licences?

Inc42 · 1y ago

The Instamojo Fallout: What Happened When The RBI Cancelled Payment Aggregator Licences?

The Reserve Bank of India (RBI) rejected payment aggregator license applications, causing panic and disruption in the fintech ecosystem. Instamojo, a leading payments startup backed by Mastercard, was among the companies affected. The RBI's action impacted around 25 existing payment aggregators and 47 applicants. Instamojo subsequently announced the closure of its payment aggregator business. The RBI's decision to cancel licenses and the lack of communication from Instamojo left merchants with pending payouts. Startup founders expressed disappointment with the RBI's handling of the situation and called for more transparency in decision-making processes.

Amazon tops up India payments business with Rs 600 crore

Economic Times

Economic Times · 1y ago

Amazon tops up India payments business with Rs 600 crore

Amazon has invested INR 600 crore (approximately $72 million) in its Indian fintech arm, Amazon Pay India, increasing its total investment in the payment platform to INR 950 crore ($114 million) this year. The move further intensifies the competition with other players in the Indian payments market, such as Paytm, PhonePe, and Google Pay. Amazon Pay India offers services like bill payments, UPI payments, wealth management, and insurance premium payments, and has tie-ups with various companies including Bookmyshow and Makemytrip. Amazon Pay India received a payment aggregator license from RBI earlier this year, allowing it to strengthen its merchant payments business.

Policybazaar's parent company to launch a new payment aggregator subsidiary

IndianStartupNews

IndianStartupNews · 1y ago

Policybazaar's parent company to launch a new payment aggregator subsidiary

PB Fintech, the parent company of Policybazaar, plans to set up a new subsidiary called PB Pay Private Limited. The subsidiary will operate in the payment aggregation business, facilitating offline and digital payment acceptance for merchants. The establishment of PB Pay is subject to receiving a payment aggregator license from the Reserve Bank of India. PB Fintech intends to apply for the license once the subsidiary is incorporated. This move comes as PB Fintech reported a profitable quarter, with a significant increase in operating revenue.

Mswipe Secures RBI Nod For Payment Aggregator Biz

Inc42 · 1y ago

Mswipe Secures RBI Nod For Payment Aggregator Biz

Fintech company Mswipe Technologies has narrowed its net loss by 45% in the financial year 2022-23, as it received approval for a payment aggregator license from the Reserve Bank of India. With the license, Mswipe will offer payment technology solutions to businesses for accepting payments through multiple channels. The company aims to enhance its suite of offerings and deliver secure and user-friendly payment technology. Mswipe's revenue from operations also increased by 14%. Other fintechs, including PhonePe and Pine Labs, are still awaiting final approval for the payment aggregator license.

PolicyBazaar’s parent PB Fintech to form a payment aggregator subsidiary

Livemint

Livemint · 1y ago

PolicyBazaar’s parent PB Fintech to form a payment aggregator subsidiary

PB Fintech, the promoter of PolicyBazaar, has received board approval to create a new subsidiary, PB Pay, for its payment aggregator business. The wholly-owned subsidiary plans to facilitate offline and digital payment acceptance infrastructure for merchants, pending approval from the Reserve Bank of India. The proposed company will have a paid-up share capital of INR 27 crores and will apply for a payment aggregator license once incorporated. This news comes after Singapore-based sovereign wealth fund Temasek Holdings sold its entire stake in PB Fintech for INR 2,425 crore.

Cashfree raises $53 mn from Krafton, Apis; bullish about UAE expansion

The Arc Web

The Arc Web · 6m ago

Cashfree raises $53 mn from Krafton, Apis; bullish about UAE expansion

Cashfree Payments raised $53 million in a Series C round, led by Krafton and Apis Growth Fund II, boosting its valuation to $700 million. The company plans to use funds for UAE expansion and enhancing cross-border payments, having acquired Telr for $15 million. Currently processing $80 billion with 800,000 merchants, Cashfree targets 80% revenue growth in FY25. The RBI's payment aggregator license lifted restrictions, spurring a 130% surge in merchant sign-ups.

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