Amazon Pay Gets RBI Nod for Payment Aggregator Status

Posted On - 30 April, 2024 • By - King Stubb & Kasiva

Amazon Pay, the fintech arm of Amazon India, has been granted a payment aggregator (“PA”) license by the Reserve Bank of India (“RBI”), the company announced. This development is in line with the broader efforts to fortify distribution channels, enabling Amazon Pay to deliver innovative solutions securely and conveniently across India’s digital payment landscape.

Recently, Fintech firm Cred, supported by Peak XV, along with two fintech start-ups Decentro and Juspay, and enterprise software-as-a-service firm, Zoho, have received final authorisation from the RBI for PA licences. Food delivery major Zomato, fintech firm Stripe and Tata Pay were among the companies to have bagged the licence in January. They joined the likes of Razorpay, Cashfree Payments and EnKash, among others, who got approval last year.