Amazon Pay India’s loss widens to Rs 1,868.5 crore in financial year 2020 reports Tofler- Technology News, Firstpost

TechSamvadDec 14, 2020 12:39:35 IST

Amazon Pay, the e-commerce big’s funds unit in India noticed 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 paperwork shared by market intelligence agency Tofler. The firm, which competes with gamers like Paytm, Flipkart’s PhonePe and Google Pay, noticed its guardian pumping in over Rs 2,700 crore funding in the financial year 2020. The submitting identified that Amazon Pay India has obtained Rs 2,705 crore in the financial year 2020 from Amazon Corporate Holdings Private Limited and Amazon.com.incs Limited.

Amazon Pay India allotted shares to these entities price Rs 450 crore in June, Rs 900 crore in October and Rs 1,355 crore in December 2019, the doc stated. It added that shares price over Rs 700 crore have been allotted to these companies in September.

The submitting stated thousands and thousands of consumers use Amazon Pay for all kinds of funds together with buying on Amazon.in, recharges and invoice funds, cash transfers, and paying offline and on-line retailers. Amazon Pay has partnered with a number of banking, NBFCs (Non-Banking Financial Companies), fintech and service provider companions to ship these companies.

“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,” the submitting stated.