Amazon Joins The Digital Wallet Bandwagon

Amazon Joins The Digital Wallet Bandwagon

In the race to use digital wallets for optimising their businesses, Amazon is planning to launch its own digital wallet services.

Amazon India is looking at multiple acquisitions in the online payments space, which it has already initiated by acquiring a few digital wallet and payments startups, reported ET.

Last Month, Amazon bought Noida-based online payment solutions provider EMVANTAGE Payments Pvt Ltd, for an undisclosed amount, marking its first acquisition in India.

Amazon India even hired former Citi banker Sriraman Jagannathan, in February, to head its payments business, is likely to spearhead the launch of the digital wallet. Jagannathan was instrumental in launching telecom operator Bharti Airtel’s digital wallet, Airtel Money, in 2012.

As the major ecommerce companies in India vie for the largest share, they focus on four identified pillars of its business, namely ecommerce, logistics, payments and advertising. Setting up a firm’s own digital wallet gives them more control over transactions.

Recently, Flipkart re-entered the payments space with the launch of its mobile wallet Flipkart Money, which came within six months of its acquisition of payments services startup FX Mart Pvt. Ltd. On the other hand, Paytm and Snapdeal already have their wallets in place.

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Inc42 Magazine is an online startup magazine that covers some of the best startups and entrepreneurs in the India ecosystem. We also feature numerous guest posts and resources by leading experts from across the industry, including many from the Silicon Valley and Bay Area.
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