Amazon Pay Trims Losses 39%, Revenue Surges 9% In FY24

Amazon Pay India, the digital payments arm of Amazon, slashed its losses by nearly 39% to INR 911 Cr in the financial year ending March 2024 (FY24) versus a loss of INR 1,499 Cr a fiscal ago. Revenues from operations increased 9.2% YoY to INR 2,286.9 Cr during the fiscal under review.

Amazon Pay also managed to reduce its total expenses to INR 3,280 Cr from INR 3,635 Cr in FY23. Last month, Amazon Pay processed approximately 70.9 Mn UPI transactions, holding about 0.5% of total transactions on the network, taking the seventh spot in the UPI universe. 

In February this year, Amazon Pay India secured the RBI nod to operate as a payments aggregator (PA). Besides, it also holds a prepaid payment instrument (PPI) licence. 

Amazon is also mulling a standalone payments app in the rising payments industry in India. The plans come at a time when the ecommerce major has been ramping up efforts to drive the growth of its digital payment services arm. 

In June, Amazon infused INR 600 Cr (about $72 Mn) in Amazon Pay India, taking its overall investment in the arm to INR 1,950 Cr. 

To further expand its fintech offerings, the entity is reportedly working with the National Payments Corporation of India (NPCI) to roll out credit services to customers through the UPI since April. 

Launched in 2019, Amazon Pay UPI offers a wide range of financial services, including money transfers, bill payments, insurance purchases, travel bookings, and investments in mutual funds and digital gold through Amazon’s ecommerce app.

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