Amazon Pay, the digital funds arm of ecommerce main Amazon India, has acquired a cost aggregator (PA) licence from the Reserve Financial institution of India (RBI). With this to develop into eligible to supply on-line service provider cost providers to its purchasers.
After the PPI (pay as you go cost instrument) licence, that is the second regulatory nod that Amazon Pay has acquired in India.It operates a consumer-focused cell pockets which can be utilized for all types of digital and UPI funds. Round 10 firms have acquired this licence for the reason that begin of the 12 months 2024. These embrace Zomato, Google Pay, Zoho, Juspay, Decentro and others.
What being a cost aggregator means
A cost aggregator license permits an organization to function as an middleman between retailers and cost processors or banks. This mannequin is commonly utilized by companies that function on-line marketplaces or platforms the place a number of sellers provide items or providers. As a part of the method, PAs pool the funds acquired from prospects and switch them to retailers after a sure time interval.
Amazon thanks RBI
“We’re excited and grateful to obtain the ultimate authorisation from the Reserve Financial institution of India (RBI) to perform as a Cost Aggregator. We stay dedicated to simplify lives and fulfill the aspirations of retailers and prospects,” an Amazon spokesperson mentioned.
What cost aggregator license means for Amazon Pay
A cost aggregator license will permit Amazon to strengthen its service provider funds enterprise, a significant alternative for the ecommerce big given its giant on-line purchasing enterprise in India. “This permits us to additional strengthen our distribution channels and ship revolutionary options for our retailers and prospects throughout India offering them with safe, handy, and rewarding digital cost experiences,” the spokesperson added.
After the PPI (pay as you go cost instrument) licence, that is the second regulatory nod that Amazon Pay has acquired in India.It operates a consumer-focused cell pockets which can be utilized for all types of digital and UPI funds. Round 10 firms have acquired this licence for the reason that begin of the 12 months 2024. These embrace Zomato, Google Pay, Zoho, Juspay, Decentro and others.
What being a cost aggregator means
A cost aggregator license permits an organization to function as an middleman between retailers and cost processors or banks. This mannequin is commonly utilized by companies that function on-line marketplaces or platforms the place a number of sellers provide items or providers. As a part of the method, PAs pool the funds acquired from prospects and switch them to retailers after a sure time interval.
Amazon thanks RBI
“We’re excited and grateful to obtain the ultimate authorisation from the Reserve Financial institution of India (RBI) to perform as a Cost Aggregator. We stay dedicated to simplify lives and fulfill the aspirations of retailers and prospects,” an Amazon spokesperson mentioned.
What cost aggregator license means for Amazon Pay
A cost aggregator license will permit Amazon to strengthen its service provider funds enterprise, a significant alternative for the ecommerce big given its giant on-line purchasing enterprise in India. “This permits us to additional strengthen our distribution channels and ship revolutionary options for our retailers and prospects throughout India offering them with safe, handy, and rewarding digital cost experiences,” the spokesperson added.
