Amazon announced it will launch a digital wallet as part of a broader strategy to become a serious player in the India ecommerce market. Smart move. Doing business there isn’t easy, but the potential rewards are great.
As someone who has run a payments business in India, I can appreciate the enormous market opportunity in a fragmented market with numerous and unique technology, competitive and regulatory challenges.
Amazon will apparently replace its current kludgy process which requires use of pre-paid cards for purchases (no doubt due to India’s antiquated protectionist payments regulations) with a digital wallet that could quickly make it a major player in the India ecommerce market.