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Amazon India is firming up plans to launch a digital wallet as part of its efforts to build an online payments business, potentially through acquisitions, four people familiar with the development said.
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Amazon's largest domestic rival Flipkart launched its digital wallet as online payments increasingly become pivotal in the race for dominance in India's ecommerce market, giving Internet companies greater control over transactions. Amazon India is "looking at multiple acquisitions (in online payments). It is a major focus area and the company is trying to figure out what it needs to do", one of the sources said, adding that the company has initiated acquisition talks with digital wallet and payments startups. (Pic Coutesy: Twitter)
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Amazon bought Noida-based payments services provider Emvantage in February, its first acquisition in India. The launch of Amazon's digital wallet in India is likely a quarter away, another source said, declining to be identified as the others. Amazon previously launched a digital wallet in the United States, its home turf, in 2014 but shut it in six months.
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Amazon did not comment specifically on whether it plans to launch a digital wallet, only saying that it was "always exploring" acquisitions. "Payments are key to the e-commerce ecosystem," said Srinivas Rao, director at Amazon Payments India, in an emailed statement."Developing a trusted, frictionless and ubiquitous payments ecosystem is critical to our customer-centric philosophy and we will invest in building the capabilities to drive our strategy." (Pic Courtesy: Facebook
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Currently, Amazon India uses its gift cards as pre-paid instruments for buying on its online marketplace, offering customers the option to top up these cards for up to Rs 10,000, which is the limit applicable to digital wallets under Indian regulations. This month, during its 'Super Value Day' sale, the e-tailer offered customers cashbacks on Amazon.in gift cards if they shopped for a specified minimum amount. (Pic Courtesy: Facebook)
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