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Now Amazon India planning launch of digital wallet

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. ( As per published in Economics Times )

amazon wallet payments“Building own wallet helps it restrict access to customer data in the company’s ecosystem and monetise customer insights,” said another person familiar with Amazon India’s plans.

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.

The number of digital wallet transactions more than doubled to 153.11million in the latest October-December quarter from 65.96 million in the corresponding year-earlier period, Reserve Bank of India data show. In value terms, the jump was to Rs 5,539 crore from Rs 2,226 crore.

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