Amazon India Applies For E-Wallet Licence, Locks Horns Paytm, Flipkart Money


15 March, 2016, Bangalore: Seems like e-wallet segment has been generating lot of interest for big players and right after Flipkart entered this segment with its Flipkart Money, it is now Amazon who is looking to explore this segment. Amazon India has applied for a semi-semi-closed wallet licence with the RBI.

As per the sources, the central bank committee will be reviewing the application next month and if all goes by the plan, Amazon would look to open up the wallet for third-party platforms as well.

A semi-closed wallet allows users to buy products/services from merchants which have a specific arrangement with the payments company. A closed wallet can only be used with one particular merchant. An open wallet allows payments and cash withdrawal, and does not require specific tie-ups with merchants, reports TOI.

While answering the media query, Amazon India’s spokesperson said in an email, “A trusted, easy, convenient and friction-free payment experience has always been one of Amazon’s key pillars, globally and in India. We are driven by customer demands and seek every opportunity to do what it takes so that our customers benefit. We cannot comment specifically on what we may or may not do.”  However, once the company gets the green signal from RBI, it will launch this service by mid-year.

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