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Amazon Pay India’s loss widens to Rs 1,868.5 crore in FY20, Retail News, ET Retail

Read more at retail.economictimes.indiatimes.com

NEW DELHI: Amazon Pay (India) – the e-commerce giant’s payments unit in India – saw its losses widen to Rs 1,868.5 crore in the financial year 2020 from Rs 1,160.8 crore in the fiscal ended March 2019, as per regulatory documents.

The company, which competes with players like Paytm, Flipkart’s PhonePe and Google Pay, saw its parent pumping in over Rs 2,700 crore investment in financial year 2020.

Amazon Pay’s total revenue for fiscal 2020 grew over 64 per cent to Rs 1,370 crore over Rs 834.5 crore in fiscal 2019, according to Registrar of Companies filing – shared by market intelligence firm Tofler.

Emails sent to Amazon India did not elicit a response.

The filing pointed out that Amazon Pay India has received Rs 2,705 crore in financial year 2020 from Amazon Corporate Holdings Private Limited and Amazon.com.incs Limited.

Amazon Pay India allotted shares to these entities worth Rs 450 crore in June, Rs 900 crore in October and Rs 1,355 crore in December 2019, the document said.

It added that shares worth over Rs 700 crore were allotted to these firms in September this year.

The filing said millions of customers use Amazon Pay for a wide variety of payments including shopping on Amazon.in, recharges and bill payments, money transfers, and paying offline and online merchants.

Amazon Pay said it has partnered with several banking, NBFCs (Non-Banking Financial Companies), fintech and merchant partners to deliver these services.

“This year, your company launched UPI for iOS users, launched the minimum KYC pre-paid instrument (PPI) wallet, scaled adoption of Amazon Pay ICICI credit card, operationalised the insurance corporate agency license, and launched new ticketing use cases including flights, buses and movies,” the filing said.

The filing added that Amazon Pay continues to focus on “security and reliability” to ensure customers experience the ease and convenience of transacting digitally.

“COVID-19 lockdown and social distancing norms impacted our ability to onboard new offline merchants as well as perform in-person KYC for our wallet customers; albeit this situation has accelerated development of new remote technology driven alternatives for these processes which we believe would both improve customer experience and reduce costs for the business,” it said.

Read more at retail.economictimes.indiatimes.com

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