After homegrown e-tailers Flipkart and Snapdeal, the Indian arm of the world’s biggest e-commerce company Amazon.com, Inc. will have its own digital wallet. The company has secured a licence from the Reserve Bank of India (RBI) to operate a prepaid payment instrument (PPI), becoming the latest entrant into the country’s booming financial technology space. According to the RBI website, Amazon Online Distribution Services Pvt. Ltd secured the licence late last month. “RBI is in the process of finalising the guidelines for PPIs. We look forward to seeing a continuation of low-limit wallet dispensation with simplified KYC and authentication. This will allow us to help customers adopt digital payments at scale,” Sriram Jagannathan, vice president, payments, Amazon India, said in response to a query from VCCircle. A former Citibank executive, Jagannathan joined Amazon India in February 2016 to head its payments business. In December, the company had launched Amazon Pay Balance, a p
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