On May 19th, 2023, the Reserve Bank of India announced the withdrawal of the Rs. 2,000 currency notes from circulation that could no longer be used for commerce. The existing currency notes in circulation can either be deposited in bank accounts or exchanged by September 30th, 2023.

As a solution to this, Amazon is trying to help the citizens to convert the value of the withdrawn Rs 2,000 currency notes. Amazon is an American multinational technology company. Amazon Pay is the digital paying service by Amazon.

Amazon Pay has announced a new service known as ‘cash at your doorstep’, which allows users to deposit Rs. 2,000 notes in exchange for the Amazon Pay Balance. Users can use this new Amazon Pay service to deposit their 2,000 notes with an Amazon delivery person during a cash-on-delivery order.

Amazon has said its customers can hand over up to Rs. 50,000 worth to the delivery agents for orders meant for payment via cash. The amount will then be credited to the Amazon Pay Wallet.

There are some steps to follow for the user to deposit the Rs. 2,000 currency notes into the Amazon Pay Balance:

• Complete the video KYC process on the Amazon App, which typically takes around 5 – 10 minutes.
• Place the cash-on-delivery order through Amazon.
• When the Amazon delivery agent arrives, hand over your Rs. 2,000 notes to them.
• Shortly after, the balance in your Amazon Pay account will reflect the deposited amount.
• Create a UPI handle on your Amazon Pay balance in a minute to start making payments effortlessly.

By depositing the Rs. 2,000 currency notes into your Amazon Pay balance, users gain the ability to scan and pay using QR codes at various shops, send money to individuals or phone numbers, and make payments on online apps.

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Crypto agitation spreads as the Hong Kong based lender Babel puts a full stop on withdrawals.

Babel is one of the biggest lenders in Crypto and it works as a bridge between Asia and the west with business focused on Bitcoin, Ether and Stablecoin.

However, Babel became the second digital asset lender this week to freeze the withdrawals by claiming that it is facing unusual liquidity pressure during recent market decline.

The Asia-based lender and asset manager said in the notice that, ‘The crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events’.

Additionally, the company’s spokesperson told Bloomberg that the team has faced “some pressure” and “are working on it.”

However, Celcius network paused withdrawals, swaps and transfers in an attempt to stop the digital-asset equivalent of a bank run recently.

Moreover, even Three Arrows Capital crypto fund shared a tweet about financial concerns at the firm this week.

Recently, the fall in Crypto market have tracked all crypto value below $1 trillion which is considered as a sharp drop in from $3 trillion late last year.

Meanwhile, Babel reached a $2 billion valuation in a funding round with investors including Jeneration Capital and 10T holdings.

However, Sequoia Capital and Tiger Global are its current investors.

Additionally, Babel has many clients including many bitcoin and Ethereum miners but it wants to get more institutions since China’s industry ban.

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