amazon pay india, amazon pay
Amazon Pay India, the digital payments arm of US-based ecommerce giant Amazon, saw its loss narrow by 18.8% in the financial year 2020-21 to Rs 1,516.4 crore from Rs 1,868 crore in FY20, according to its filings with the Registrar of Companies.
Revenue from operations rose 30% to Rs 1,716 crore in FY21 from Rs 1,315 crore, while expenses at Rs 3,295 crore was flat against Rs 3,234 crore the year before, the filings accessed by ET through business intelligence firm Tofler showed.
The increase in revenue could be on the back of growing traction for its service which include payments on the Unified Payments Interface, bill payments, online checkouts at ecommerce websites, as well as the Buy Now Pay Later offers in tie-ups with local banks and non-bank lenders.
Amazon Pay cut down its advertising and promotional expenses by 11% to Rs 1,967 crore last fiscal year. Expenses incurred to process payments nearly doubled in the last fiscal year to Rs 879 crore as did legal and professional charges to Rs 16 crore.
The firm classifies its revenue from operations entirely as ‘payment processing fee’, which is the commission charged for facilitating transactions for merchants and customers on its network.
Amazon has been attempting to make steady inroads into India’s digital economy over the last few years, competing with the likes of Paytm, Walmart’s PhonePe and Google Pay for a share of the burgeoning online payments market which has been growing steadily. Unlike its rivals, Amazon Pay’s UPI service doesn’t have a separate mobile application for payments; it comes bundled with its ecommerce app.

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amazon pay india, amazon pay

Amazon, through Singapore arm Amazon Corporate Holdings, had infused Rs 1,000 crore (about $134 million) in Amazon Pay India on November 3, ahead of Diwali, separate filings showed. This was first reported by news portal Inc42.
The infusion follows an allotment for Rs 450 crore earlier this year by Amazon Corporates Holdings and Amazon.com.incs, the news portal reported.
This year, ecommerce firms Flipkart and Amazon saw record sales during their flagship festive sales, where they made heavy use of rewards and instant cashback schemes to entice customers.
Amazon Pay has several products in the Indian market aimed at gaining transaction volume as well as creating value for merchants. Its Amazon Pay Later allows users to avail of deferred payment service called Buy Now Pay Later, where the customer pays for a product a month after the purchase, with an EMI option provided by a financial institution.
Another popular product is a co-branded credit card in partnership with ICICI Bank. Amazon’s rival Flipkart has a tie-up with Axis Bank.
The company’s UPI product — Amazon Pay UPI — ranks fourth among top UPI facilitators in the country, behind PhonePe, Google Pay and IPO-bound Paytm. In October, Amazon Pay processed 68.8 million transactions worth Rs 6,286 crore. UPI in total saw 4.2 billion transactions worth Rs 7.7 lakh crore, as per data from National Payments Corp of India.

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