India allows Google, Amazon as online payment aggregators
Mumbai: The Reserve Bank of India on Wednesday published a list of 32 entities, including Alphabet’s Google Pay, Amazon’s Amazon Pay and Reliance Payment Solutions Ltd., that are allowed to act as online payment aggregators.
The names were released for “disseminating information and ensuring greater transparency,” the central bank said on its website. Other approved entities include Zomato Payments, Pine Labs and Infibeam Avenues.
The regulator said applications of 18 others are being assessed, but they can continue to operate as payment aggregators.
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Separately, four applications, including those of Axis Bank-led Freecharge Payment Technologies and PayTM Payments Services, have been returned. They can continue to operate without adding new merchants, and also reapply within 120 days from the date of return, the RBI said.
While the central bank allowed the tech giants to on-board digital merchants, and process payments from the customers on their behalf, it sees big tech in full-fledged banking space as a threat to financial stability and local banks.
Source: Gulf News