Business

Amazon Launches Electronic Wallet Service Business In India

Amazon, which is in a fierce battle with local players such as Flipkart for the e-commerce market in India, will enter the electronic wallet service in India this time.

According to the Hindustan Times, a daily newspaper in India, Amazon recently received a license from Reserve Bank of India (RBI) to operate PPI, its own electronic wallet service.

Amazon has already launched an electronic wallet service called “Pay Balance” that could be used to purchase goods from Amazon India last year.

The PPI, however, can be used for other online and offline payments as well as on the Amazon site and is likely to compete intensely with existing Indian electronic wallet companies such as Paytm and Oxigen Wallet.

“By simplifying user authentication and lowering the minimum usage, India will contribute to the digital economy,” said Amazon India.

Flipkart, the market share leader in India, recently attracted $ 1.4 billion ($ 1.6 trillion) of additional investment from Microsoft, eBay, and Tencent in China, as well as the merger with Snapdeal is being discussed and competition is intensifying.

Amazon, which ranks second in the online shopping mall market in India, is continuing aggressive investments, including investing $ 2 billion in 2014 in Amazonia and plans to invest $ 3 billion in June last year.

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