The large e-commerce portal Amazon India has introduced new online wallet system for its large number of customers to promote Govt of India’s move after demonetization of currency. The online shopping portal company has launched online wallet named as Amazon pay Balance to increase digital transactions.
As we know, after the Modi Government announced the ban on high denomination currency notes Rs 500 and Rs 1000, it has made a huge impact on e-commerce area and many online shopping companies severely affected by this move. So, to boost PM Narendra Modi’s wish on making India as the cashless economy, Amazon has come up with a new online wallet system to increase cashless transactions.
What Amazon Pay Balance offers for Customers?
Amazon new online wallet system Amazon pay Balance allows customers without any additional endorsements. Customers can get the fast and smooth checkout by using Amazon new Online Wallet system. It also helps users store amount for essential items and solves the problems of paying the exact amount of cash at the delivery time.
The company also said, “Till now Amazon doesn’t provide online wallet based payment option, and we introduced a payment option similar to mobile wallet system. However, the online wallet payment option will apply to only Amazon based transactions.”
The amount will be credited to Amazon Pay Balance by using appropriate Internet Banking, Credit Card or Debit Card and used for multiple payments for purchases from the e-commerce portal. By using the Amazon Pay Balance, customers will experience faster refunds for canceling the products. Users can receive the refund amount faster with Amazon Pay Balance wallet system compared to user’s bank account or credit card.
Amazon Pay Balance Comes after it severely affected by the demonetization move. The ban of Rs 500 and Rs 1000 notes not only badly affected Amazon’s business but also showed an enormous impact on India’s e-commerce sector. According to the latest reports, RedSeer Consulting, e-commerce business has seen a 15-20% reduction since November 8.
Amazon India head Amit Agarwal said that the business was back to normal condition and we are happy to announce the new online wallet system.