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Amazon jumps into in the digital wallet band-wagon. Launches Amazon Pay Balance

Amazon jumps into in the digital wallet band-wagon. Launches Amazon Pay Balance

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With the phenomenal growth in user base of Mobile Wallets consumers across the country due to Demonetisation of INR 500 and 1000 currency notes, the ecommerce behemoth Amazon India has finally launched its own digital wallet.

With no additional authentications required, customers get the benefit of fast and smooth checkout (from Amazon Pay). Amazon Pay Balance helps customers store balances for essential items and solves the pain point of tendering exact amount of cash at the time of delivery.” the company said in a statement.

Amazon Pay is limited to Amazon-based transactions only. The consumer can recharge Amazon Pay Balance using internet banking and credit or debit card just like any other mobile or digital wallet. This feature will also enable faster refunds, as customers will be refunded in Amazon Pay Balance account rather in their earlier mode of payments like Credit/Debit or Bank Account.

Indian subcontinent has seen extraterrestrial success in Mobile Wallet adoption in India. A brief peek to some relevant Statistics of the hailing Digital Wallets in India.

Paytm – Quick Statistics
Merchants 15 lakhs
Consumers 150 million
Paytm has crossed 50 million downloads and currently has 150 million mobile wallet users.
It has also hit 5 billion GMV and is currently clocking INR 120 crores worth deal daily
Has launched the POS Service for all merchants across PAN India
Mobikwik – Quick Statistics
Merchants 2.5 Lakhs
Consumers 40 million
Has recently tied up with 391 toll plazas in India to pay through their app
Allows merchants to transfer the amount in their account with 0% facilitation fee
Mobikwik with a user base of 40 million has seen a growth of 40% in daily app downloads.
Also has partnered with Mumbai Traffic Police
Freecharge Quick Statistics
Merchants 3 lakh
Consumers 35 Million
Has recently partenered with IOCL, BPCL and HPCL across the country.Will be available on major petrol pumps in India
The list includes nearly 26,000 petrol pumps of IOCL, nearly 13,500 petrol pumps of HPCL and nearly 13,800 petrol pumps of BPCL.
Will also be available to pay with 17,000 LPG distributors across the Country.
Mobikwik – Quick Statistics
Merchants 2.5 Lakhs
Consumers 40 million
Has recently tied up with 391 toll plazas in India to pay through their app
Allows merchants to transfer the amount in their account with 0% facilitation fee
Mobikwik with a user base of 40 million has seen a growth of 40% in daily app downloads.
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