Thirty-two entities, including Alphabet Inc's (NASDAQ: GOOG) (NASDAQ: GOOGL) Google Pay, Amazon.Com Inc's (NASDAQ: AMZN) Amazon Pay, and Reliance Payment Solutions won the Indian banking regulator's approval for online payment aggregator.
The Reserve Bank of India assessed 18 other applications, including Walmart Inc's (NYSE: WMT) PhonePe.
Four applications, including PayTM, failed to cut. They can continue to operate without adding new merchants and reapply within 120 days from the return date.
Recently PhonePe raised additional funds at a $12 billion valuation reaching $450 million.
PhonePe plans to deploy these funds to scale up its Payments and Insurance businesses in India and launch and aggressively scale new businesses like Lending, Stockbroking, ONDC-based Shopping, and Account Aggregators.
India, the second-largest internet market, became a critical overseas market for Walmart and Amazon.Com.
Price Action: GOOG shares closed higher by 2.26% at $97.10 on Wednesday.
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This article Google And Amazon Win License To Operate As Payment Aggregators In India originally appeared on Benzinga.com
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