TechSamvadDec 14, 2020 12:39:35 IST
Amazon Pay, the e-commerce giant’s payments unit in India saw 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 documents shared by market intelligence firm Tofler. The company, which competes with players like Paytm, Flipkart’s PhonePe and Google Pay, saw its parent pumping in over Rs 2,700 crore investment in the financial year 2020. The filing pointed out that Amazon Pay India has received 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 worth Rs 450 crore in June, Rs 900 crore in October and Rs 1,355 crore in December 2019, the document said. It added that shares worth over Rs 700 crore were allotted to these firms in September.
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 has partnered with several banking, NBFCs (Non-Banking Financial Companies), fintech and merchant partners to deliver these services.
“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 filing said.