<?php echo html_escape(strip_tags($title)); ?>

Losses of Amazon Pay

Losses of Amazon Pay go up by 61 pc

By Ashish Mitra --
Saturday, 12 Dec, 2020

Amazon India’s payments arm (Amazon Pay) saw losses slump 61 per cent to Rs 1,868 crore in the last financial year that ended March 2020 from Rs 1,160 crore in the previous year, according to business intelligence platform Tofler. Its revenue rose by 64 per cent to Rs 1,370 crore.

The increase in loss is attributed mostly to Amazon Pay offering incentives on the Amazon India platform and the expenditures towards promoting its Unified Payments Interface (UPI) instrument among new users across the e-commerce platform and third-party merchants. Consumers can pay through both the Amazon Pay e-wallet and its UPI product.

Sources in the know of this matter said that the company has increased its focus on digital payments after the virus outbreak that has made way for online payments and peer-to-peer money transfers.

Amazon Pay’s regulatory filing showed it spent Rs 2,212 crore for advertising and promotions last year compared to Rs 1,423 crore in the year before a jump of over 55 per cent.

Losses of Amazon Pay go up by 61 pc . Amazon India’s payments arm (Amazon Pay) saw losses slump 61 per cent to Rs 1,868 crore in the last financial year that ended March 2020 from Rs 1,160 crore in the previous year, according to business intelligence platform Tofler. Its revenue rose by 64 per cent to Rs 1,370 crore.

The increase in loss is attributed mostly to Amazon Pay offering incentives on the Amazon India platform and the expenditures towards promoting its Unified Payments Interface (UPI) instrument among new users across the e-commerce platform and third-party merchants. Consumers can pay through both the Amazon Pay e-wallet and its UPI product. 
 
Sources in the know of this matter said that the company has increased its focus on digital payments after the virus outbreak that has made way for online payments and peer-to-peer money transfers.

Amazon Pay’s regulatory filing showed it spent Rs 2,212 crore for advertising and promotions last year compared to Rs 1,423 crore in the year before a jump of over 55 per cent.