Amazon Pay

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Ola Financial Services, Obopay Mobile and Manapurram Finance other entities

The Reserve Bank of India on Friday said it has imposed a penalty of over Rs 3.06 crore on Amazon Pay (India) Private Limited for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction. "It was observed that the entity was non-compliant with the directions issued by RBI on KYC requirements," the RBI said in a statement. The RBI had issued a notice to Amazon Pay (India) advising it to show cause as to why penalty should not be imposed for non-compliance with the directions. "After considering the entity's response, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty," it said. The central bank, however, added the penalty is based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the Amazon Pay (India) with its customers. Amazon Pay is the ..

PayTM Payments Services and PayU Payments Private Limited are the entities whose application to continue as payment aggregators has been returned by the RBI

In an interview with Peerzada Abrar, Tiwary said India has become the innovation hub for the company for the rest of the world. Edited excerpts

Deal expected to be closed in two-four weeks, says source

Note, however, that you can only do this if you have completed your KYC

PhonePe and Google Pay approached the National Payments Corporation of India (NPCI) asking for an extension to the December 2022 deadline for at least three years

More than 80 per cent of the new customers came from smaller towns for the e-commerce giant's month-long festive sale event Great India Festival which would end on October 23

During the Amazon Great Indian Festival 2022, the e-commerce giant is claiming to sell products from over a million sellers

With this move, NPCI was aiming to reduce the concentration risk in the system and potentially curb the dominance of two large players while ensuring other players also get a chance to grow

E-commerce firm's units for digital payments and selling cloud service report losses too for FY22

The Dash Cart screen will now display images of fresh items nearby, like produce, for shoppers to choose from, or shoppers can type in the item name instead of a four-digit PLU code

Opinion is divided over whether or not the circular will impact the popular 'Buy Now Pay Later (BNPL)' schemes offered by many fintechs

This agreement includes the acceptance of Visa at all Amazon stores and sites

The company reports a net loss of Rs 1,516 crore during the same fiscal

With this alliance, MakeMyTrip will be able to further extend its distribution via Amazon Pay's large user base, especially in smaller towns, and speed up online booking of travel services

Amazon Pay UPI has recently added 5 crore customers in India.

Customers can extend their budget and shop for favourite items across categories, can also use different payment modes on Amazon Pay to shop seamlessly