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Amazon Gets Licence from RBI to Operate its Own Prepaid Wallet
April 17, 2017
In a bid to make the payment process convenient for its customers, Amazon has obtained an approval from the RBI to use digital prepaid wallets. Currently, the company is offering the Amazon Pay wallet option to its customers, which was made possible by investing about $10 million in gift card company called QwikCilver.
RBI recently issued the guidelines for prepayment payment instruments (PPIs) according to which the upper limit has been fixed at Rs. 1 lakh. It has also proposed that the minimum capital requirement for digital wallet operators to be increased by about 5 times.
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