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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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India cenbank fines Amazon Pay for non-compliance.

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AMazon Pay, Photo Credit: Sidney AMazon Pay, Photo Credit: Sidney
AMazon Pay, Photo Credit: Sidney AMazon Pay, Photo Credit: Sidney

Amazon Pay accepts online payments. Amazon Pay, established in 2007, enables Amazon.com consumers to use their Amazon accounts on other merchant websites. Austria, Belgium, Cyprus, Denmark, France, Germany, Hungary, India, the Republic of Ireland, Italy, Japan, Luxembourg, Netherlands, Portugal, Spain, Sweden, Switzerland, the UK, and the US began offering the service in March 2021.

Worldpay clients can use Amazon Pay from 2019.

On Friday, the Central Bank of India penalized Amazon Pay Private Ltd. 30.7 million rupees ($374,770) for prepaid payment instruments and KYC violations.

“This action is based on shortcomings in regulatory compliance and is not aimed to pronounce upon the validity,” RBI stated.

 

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