Amazon E-Commerce Introduces E-wallet
- 1 Amazon E-Commerce Introduces E-wallet
- 1.1 Amazon E-wallet: Big Game Changer in Indian Wallet
- 1.2 Granted By Reserve Bank Of India for E-wallet
- 1.3 Amazon pay balance uses on other merchants web sites
- 1.4 How to Add Money In Amazon Pay Balance- MONEY:
- 1.5 Steps to get cash back offer from Haptik
- 1.6 Competition with Paytm, PayZapp, FreeCharge and Flipkart’s PhonePe:
- 1.7 Reports By Google (E-wallet)
Amazon is already a big giant which alone giving tough competition to other market players in India like Flipkart, E-bay, Snapdeal, Shopclues etc. Now, Amazon planning to come in Indian e-commerce ecosystem. After introducing Amazon pay wallet, they now soon introduce “Amazon E-wallet “for Indian customer.
Amazon E-wallet: Big Game Changer in Indian Wallet
Amazon recently introduced “Amazon pay balance” through which you can buy anything from Amazon. You have to load money from the bank in Amazon Pay balance. And you can buy anything from Amazon.in. They also have to offer cool offers when you pay through Amazon Pay balance. They now regularly offering 10-15% cash-back for shopping through Amazon Pay balance.
Granted By Reserve Bank Of India for E-wallet
Largest E-commerce company “Amazon” has already secured the license from Indian Government Banking license provider “Reserve Bank of India (RBI)” to operate a prepaid payment instrument (PPI). Amazon India will become the 84th company which is authorized by the Reserve Bank of India. Now, they start expanding their services in Indian E-wallet services.
“Amazon Online Distribution Services Private Limited” (ADOS) which is also a subsidiary of Amazon Asia Pacific Resources, has already issued the license on the 22nd March 2017 and valid till the 31st of March 2022.
Vice-president of payments at Amazon India “Sriram Jagannathan”, told in a statement
“We are pleased to receive our PPI license from the RBI. Our focus is providing customers with a convenient and trusted cashless payments experience. RBI is in the process of finalizing the guidelines for PPIs. We look forward to seeing a continuation of the low-limit wallet dispensation with simplified KYC (know-your-customer norms) and authentication. This will allow us to help customers adopt digital payments at scale and thereby contribute towards making India a less-cash economy.”
In December 2016, the prepaid gift-card program launched through QwickCilver by Amazon India, which also holds PPI license issued by “Reserve bank of India (RBI)”. But this has limitation, for Indian Customer, QwickCilver doesn’t offer a wallet payment option
According to various internal sources, Amazon will continue its partnership with QwickCilver even after the launch of Amazon E-wallet
Amazon pay balance uses on other merchants web sites
Now, Haptik introduces Amazon pay as their payment gateway. This is really a big challenge to another payment gateway. In the coming days, they are also going to offer some cash back on paying through Amazon pay balance. Be prepared for some cool offers from Haptik and Amazon.
How to Add Money In Amazon Pay Balance- MONEY:
- CLICK HERE to Add Money
- Add and Verify Your mobile Number. (Only Indian Number would be registered for this)
- Now, Enter amount which you want to add. (Like: 10rs,20rs,5000rs etc.)
- Now Enter Payment Details.
- And Add Money.
- After Adding Money this amount will be shown in the “Money Section” of Amazon Pay Balance
Steps to get cash back offer from Haptik
- Click Here to install (only this version will work ) or update your App to the latest version from Play Store.
- Enter your mobile number and verify.
- Enter Refer code: ” SANXV3 ” to get cash back on the first successful transaction. ( 500₹ cash back on 5000₹ transaction if you book flight )
- You have to enter the same mobile number which is registered on Amazon for successful payment.
- Now choose Amazon pay balance to pay the amount.
During payment with Amazon pay balance, you can select debit /credit /net banking to load money.
Competition with Paytm, PayZapp, FreeCharge and Flipkart’s PhonePe:
After the announcement of demonetization by Indian prime Mister “Narendra Modi”, there’s a boom of e-wallets is constantly increasing. They are already many Unified Payments Interfaces (UPI) platforms like Paytm, Freecharge, and others.
Some of the wallet offering cool cash back while you do recharge/make payments through their wallet.
payZapp Wallet By HDFC:
They are offering 25% cashback when you do your first transition through them. The minimum transition is 250rs to get 50rs cash back in your wallet.
For that you have to follow simple steps:
- Install from here
- Now register your Phone no.
- Now enter Refer code to get 50rs cash back: RefCredit || Earnmore
Enter any refer code.
- You now have to do the first transaction within 15 days after registering your phone number.
- You can recharge your Mobile number and you can do many more things
- They also provide VCC(virtual credit card) by which you can shop on any Online Shopping websites.
Reports By Google (E-wallet)
According to a report by Google and Boston Consulting Group, the digital payments industry (Combined all Digital wallet payment service provider) in India is projected to reach $500 Bn by 2020, and it would contribute 15% to India’s GDP.
Amazon till now haven’t specified that the Amazon E-wallet can only be used for its e-commerce site “Amazon.in” or it will available for other services like bill payments.
In September 2016; Flipkart, the biggest rival of Amazon India has announced its own UPI, just after demonetization named the app “PhonePe”. “PhonePe app” based on the Unified Payments Interface (UPI) platform which is mobile payments startup by “Flipkart”.