Amazon has obtained a license from the Indian Reserve Bank to allow it to operate prepaid payment instruments, according to the bank's website. The bank said in an email that its "primary focus is on providing financial services for our customers and we are committed to working with all stakeholders who share this goal." The tool is similar to a mobile wallet, but transactions are so far restricted to Amazon. The firm's newly-obtained Reserve Bank of India license will be linked with Amazon Pay.
Amazon has obtained a license from the Indian Reserve Bank to allow it to operate prepaid payment instruments, according to the bank's website. The Seattle-headquartered e-commerce giant launched its Amazon Bay Balance service late last year. The tool is similar to a mobile wallet, but transactions are so far restricted to Amazon. The firm's newly-obtained Reserve Bank of India license will be linked with Amazon Pay.