As a part of its efforts to build an online payments business, Amazon India is planning to launch a digital wallet through acquisitions.
Last week, Amazon’s largest domestic competitor, Flipkart, introduced its digital wallet giving Internet companies greater control over transactions.
It has been people familiar with the plans that the e-commerce giant has initiated acquisition talks with digital wallet and payments startups. In February, the company has already bought Noida-based payments service provider Emvantage.
It is expected that by the beginning of the next quarter, Amazon will launch its digital wallet in India. In 2014, it introduced the digital wallet in US as well but, however, it had to be shut down within six months.
The launch of digital wallet in India is likely to be spearheaded by former Citibanker Sriraman Jagannathan. Amazon India hired him in February to head its payments business. In 2012, Jagannathan had played an important role in launching telecom operator Bharti Airtel’s digital wallet.