Amazon

Amazon launches wallet with 10% cashback for first time users

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As expected, e-commerce behemoth Amazon has finally launched its wallet in India. With this, shoppers can use Amazon Pay wallet as a payment option for buying products on Amazon as well as other platforms.

To celebrate its wallet launch, the e-commerce company is also giving 10 per cent cashback on using the wallet.

The cashback is valid once per customer and is applicable even on returned items, according to a report by ET.

Sriram Jagannathan, Vice President Payments, Amazon India said, “Our aim is to improve the digital payment experiences for customers buying on our marketplace. We provide offers to customers to try this experience.”

The company’s wallet is also applicable on third-party platforms such as Abhibus Café Coffee Day, Amar Chitra Katha, Innerchef, Fasoos, and Housejoy.

Amazon India had received a wallet license from the Reserve Bank of India (RBI) in April this year. In December, Amazon had launched its Pay Balance service to boost cashless transactions but it was restricted to transaction on its platform only.

Earlier this month, the Seattle-headquartered company infused Rs 130 crore into its payments entity in India.

While the cashback offered by the e-commerce giant is a reason for users to rejoice, merchants are unhappy with the move. “Amazon is encouraging returns at sellers’ cost and investment. It should give equal incentive to the seller whose stock is being returned,” said a spokesperson for the All India Online Vendors’ Association (AIOVA) to Economic Times.

With wallet in its kitty, the company will now take on established rivals such as Paytm, Flipkart and Freecharge. Amazon is also in queue to launch UPI enabled payment option with a few banks. Unlike others, the online marketplace willn’t launch sole app for UPI. Instead, it will use a pay button for UPI on its website.

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Below is the bank details:

 
Amount: INR 3,19, 000 (After Adding 18% GST and Deducting 2% TDS)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
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