Few days back, Flipkart launched ‘Flipkart Money’ digital wallet to take on Paytm and Freecharge like services. Now Amazon India is also planning a similar move. Economics Times reported that Amazon India is also planning its digital wallet.
Amazon India is now looking to acquire a capable startup for its digital wallet. It has already initiated acquisition talks with digital wallet and payments startups. It acquired Noida-based payment service provider Emvantage in February.
Amazon also hired Former Citibanker Sriraman Jagannathan to lead the payment business. He was the key person behind Bharti Airtel’s digital wallet, Airtel Money, in 2012.
Amazon is still planning, so it will take the time to bring a digital wallet. Amazon launched a digital wallet in the US in 2014, but it couldn’t work for more than six months.
Digital wallet helps companies in offering instant cashback. This is the reason Flipkart opted this. Now, Amazon also does not want to lose users just because this option. Flipkart acquired FX Mart to launch its wallet service. Now Amazon is also looking for similar kind of acquisitions. We are looking this matter closely and will report once Amazon decides what to acquire.
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Source: Economics Times
