Amazon Pay launch in 2019, Amazon Pay has rapidly gained traction, amassing over 100 million UPI users and securing a position among India’s top 10 most-used UPI(Unified Payments Interface) payment methods in India.
Amazon Pay India narrowed its FY24 net loss to Rs 911.2 crore, down by 39.21% from Rs 1,499 crore in FY23, driven by targeted cost reductions. The fintech firm reported its revenue from operations grew to Rs 2,286.9 crore in FY24, a 9.26% increase from Rs 2,093.1 crore in the previous fiscal year. Meanwhile, Amazon’s payments arm reported a notable decline in its expenses, with total expenses (excluding depreciation) falling 9.91% to Rs 3,269.2 crore from Rs 3,629.6 crore in FY23. Most of Amazon’s expenses comprised advertising promotional expenses, which fell 30.62% to Rs 1,534.9 crore in FY24 from Rs 2,004.9 crore in FY23. Its employee benefits expenses also came down by 4.75% to Rs 216.4 crore in FY24 from Rs 227.2 crore in FY23.
Amazon Pay also operates more extensively in the insurance sector, partnering with Acko, to offer policies and even providing health coverage for its sellers, unlike its more limited B2B-focused payment services in the US,UK and Europe.
