Amazon Pay

RBI slaps over Rs 3-crore penalty on Amazon Pay

 The Reserve Bank of India (RBI) on Friday said it imposed a monetary penalty of over Rs 3 crore (3,06,66,000) on Amazon Pay (India) for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) requirements.

Mobile Wallets have till February 2020 to update KYC

With the Reserve Bank of India (RBI) extending the deadline for mobile wallets to be fully compliant with Know Your Customer (KYC), people using PhonePe, Paytm, Amazon Pay or other such wallets will have no trouble making their transactions as usual till 29 February 2020.