Amazon has launched its new digital wallet Amazon Pay amidst increasing trend of digital wallet since the note ban in the country. This means that Flipkart's PhonePe and Paytm will now be challenged directly in India.
According to Gadgets Now, this is a wallet service. This is different from the present Gift Card option on Amazon Pay. When customers put money on Amazon Pay, they themselves will go to the Wallet account themselves.
An Amazon spokesman says that we have focused our attention on giving customers reliable and easy payment experience. Online payments with the help of debit cards and credit cards and internet banking are less eligible as they include banks and third party payment gateways. This often results in payment failure.
About 30 percent of the customers have to go to the bank's website for the transaction. With this new wallet, consumers will bypass two-factor authentication while shopping online and will be able to use it as any other digital wallet.
Before Amazon Pay could only be shopping on Amazon, but now with new options can be purchased from other retailers.