Amazon bought Noida-based payments services provider Emvantage in February 2016, its first such acquisition in India, indiatimes.com reports. Amazon previously launched a digital wallet in the US in 2014 but discontinued it shortly after.
Former Citibanker Sriraman Jagannathan, whom Amazon India hired in February 2016 to head its payments business, is likely to spearhead the launch of the digital wallet, the source reports, citing a number of people familiar with the wallet launch in the near future. Jagannathan was instrumental in launching telecom operator Bharti Airtels digital wallet, Airtel Money, in 2012.
Currently, Amazon India uses its gift cards as prepaid instruments for buying on its online marketplace, offering customers the option to top up these cards. In March 2016, during its Super Value Day sale, the e-tailer offered customers cashbacks on Amazon.in gift cards if they shopped for a specified minimum amount.
Amazon Indias gift cards are powered by Bengalurubased startup QwikCilver Solutions, in which Amazon picked up a minority stake in 2014. Amazon may use QwikCilver, which has a licence to operate a semi-closed loop wallet, to launch its digital wallet, the source cites.
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