Amazon can now operate its digital payments service in India after receiving a Prepaid Payment Instrument (PPI) license from the country’s federal bank.
This marks the entry of Amazon in a highly competitive — and rapidly growing — mobile wallet landscape in India which is currently dominated by Paytm with 200 million users.
Incidentally, Paytm is backed by Alibaba, Amazon’s biggest rival in Southeast Asia.
There’s also PhonePe, an e-wallet launched by Flipkart (Amazon’s biggest rival in India) last September. PhonePe reportedly accounts for 5 percent of Flipkart’s transactions now, after receiving a push from India’s cash ban last November. Read more…