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RBI Grants Payment Aggregator Licence To Amazon Pay

Inc42 · 1y ago

RBI Grants Payment Aggregator Licence To Amazon Pay

Amazon Pay, the fintech arm of e-commerce giant Amazon, has received authorization from the Reserve Bank of India (RBI) to operate as a payments aggregator (PA). This license allows Amazon Pay to strengthen its distribution channels and deliver innovative solutions for merchants and customers. The RBI has granted the PA license to 10 applicants so far in 2024, including JusPay, Stripe, Tata Payments, and Mswipe. This approval comes amid increased scrutiny from the central bank on fintech startups and their compliance with regulations. The digital payments sector in India is expected to reach a market size of $253 billion by 2030.

Related News

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 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.

Cashfree Gets RBI’s Prepaid Payment Instrument Licence

Inc42 · 10m ago

Cashfree Gets RBI’s Prepaid Payment Instrument Licence

Cashfree has become the first fintech company to secure licences for payment aggregator (PA), payment aggregator-cross-border (PA-CB), and prepaid payment instrument (PPI) from the RBI. The PPI license will allow Cashfree to issue prepaid payment instruments such as cards and digital wallets. Founded in 2015, Cashfree offers a comprehensive digital payments solution platform.

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.

Worldline’s India Arm Gets Payment Aggregator Licence

Inc42 · 1y ago

Worldline’s India Arm Gets Payment Aggregator Licence

Worldline ePayments India Pvt Ltd, the Indian arm of French digital payments company Worldline, has received authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This approval will allow Worldline to acquire merchants and offer digital payment acceptance solutions in India. The company entered the Indian market in 2017 through the acquisition of Chennai-based payments platform MRL PosNet. The RBI has been granting payment aggregator licenses to several companies recently, indicating the significance of the expanding digital payment industry in India, which is expected to grow further in the coming years.

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.

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.

RBI grants payment aggregator licence to Mswipe Technologies

Economic Times

Economic Times · 1y ago

RBI grants payment aggregator licence to Mswipe Technologies

Mswipe Technologies has obtained a payment aggregator (PA) license from the Reserve Bank of India (RBI). The company, which provides digital payment solutions to merchants, had received an in-principle approval from the RBI earlier this year. Mswipe aims to diversify and become a full-stack payments player by offering its payment gateway services to mid-tier businesses. The RBI has granted PA licenses to a total of 16 entities, including Juspay, Stripe, Google, Zoho, and Zomato, while others like PhonePe, Pine Labs, and Billdesk are still awaiting final authorization.

Catamaran-backed Innoviti gets payment aggregator licence

VCCircle

VCCircle · 1y ago

Catamaran-backed Innoviti gets payment aggregator licence

Indian retail SaaS platform Innoviti has been granted a payment aggregator licence by the Reserve Bank of India (RBI). The company, which services enterprise brands and their SME channel partners, received final approval on 22 March to operate as an online payment aggregator under the Payments and Settlements Act, 2007. Innoviti has already started onboarding merchants and claims to have experienced 4x growth in its online business over the past year. The company provides technology-led payment solutions and point-of-sale terminals for businesses, offline merchants and small retailers.

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.

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