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Which fintech division has received the final approval from RBI as a payment aggregator?
- a)Decentro
- b)Amazon Pay
- c)Juspay
- d)Zoho
Correct answer is option 'B'. Can you explain this answer?
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Which fintech division has received the final approval from RBI as a p...
Amazon Pay, the fintech arm of Amazon India, has secured a payment aggregator license from the Reserve Bank of India (RBI), enabling strengthened distribution channels and innovative payment solutions. This approval signifies Amazon Pay's commitment to providing secure and convenient digital payment experiences, aligning with its mission to serve merchants and customers effectively in India's growing fintech ecosystem.
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Which fintech division has received the final approval from RBI as a p...
Amazon Pay
Amazon Pay has received the final approval from the Reserve Bank of India (RBI) as a payment aggregator. This approval allows Amazon Pay to facilitate online transactions on its platform, providing a seamless payment experience for users.
What is a Payment Aggregator?
A payment aggregator is a service provider that enables merchants to accept online payments. They act as an intermediary between the merchant and the payment processor, facilitating the transaction process.
Significance of RBI Approval
The approval from RBI is significant for Amazon Pay as it validates their compliance with regulatory requirements and demonstrates their commitment to providing secure and reliable payment services to customers.
Benefits for Amazon Pay
- Enhanced credibility and trust among users due to regulatory approval
- Ability to expand its payment services and reach a wider audience
- Strengthened position in the fintech industry as a reputable payment aggregator
Impact on Customers
Customers using Amazon Pay will benefit from a more secure and seamless payment experience, with the assurance that their transactions are conducted in compliance with regulatory standards.
In conclusion, the final approval from RBI as a payment aggregator is a significant milestone for Amazon Pay, enabling them to further enhance their payment services and solidify their position in the fintech industry.
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Which fintech division has received the final approval from RBI as a payment aggregator?a)Decentrob)Amazon Payc)Juspayd)ZohoCorrect answer is option 'B'. Can you explain this answer?
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