Amazon bets big on mobile payment wallet in India
The US e-commerce giant has secured payment wallet license from Reserve Bank of India, struck partnerships with various players for its Amazon Pay
After establishing a firm foothold in India’s online marketplace, Amazon has now set its eyes on the booming mobile wallet market. The Seattle based e-commerce giant had secured payment wallet license from Reserve Bank of India in April for its venture Amazon Pay, reports Business Standard.
Apart from e-commerce, Amazon has already entered groceries, exclusive membership plans and entertainment sectors in India. With Amazon Pay, it is looking to boost savings and retain its customers within its ecosystem, the daily added.
It will be providing a slew of cashbacks and discounts to encourage its customers to use Amazon Pay more frequently.
With its entry into mobile wallet market, Amazon will be in direct competition with existing players such as PayTm, MobiKwick and Phonepe.
Amazon Pay has struck partnerships with movie ticketing platform Justickets, bus booking sites such as Redbus and Abhibus, food tech start-ups like FreshMenu, online services companies such as Housejoy, education app Byjus and offline stores such as Cafe Coffee Day and jewellery chain Orra.