Bengaluru, NFAPost: Amazon Pay’s losses enlarged to Rs 1,868.5 crore in the financial year 2020 from Rs 1,160.8 crore in the fiscal ended March 2019.
Amazon Pay’s total revenue for fiscal 2020 grew over 64% 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.
India’s telecom sector, in the efforts of enabling policies including more quantum of the spectrum, is set to establish new benchmarks in the next-generation network deployments and service delivery.
The regulatory documents 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 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. The filing added that Amazon Pay continues to focus on “security and reliability” to ensure customers experience the ease and convenience of transacting digitally