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 the end of last month. 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.