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.
The bulk of its fresh infusion comes via Amazon Corporate Holdings Private Limited and Amazon.com.Incs Limited.
The report said that the partnership between the two companies will bring contactless payment to more Indians.
Users can also add money to the Amazon pay by saying, ‘Alexa, add Rs XXX to my Amazon Pay balance’.
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.
