The company reduced its losses by 39% to Rs 911 crore during the year, from Rs 1,499 crore in FY23.
Total expenses for the Bengaluru-based firm fell to Rs 3,280 crore in FY24 from Rs 3,635 crore a year earlier, with employee benefit expenses declining marginally to Rs 216.4 crore from Rs 227.2 crore.
During FY24, Amazon Pay raised Rs 850 crore, and an additional Rs 600 crore in May FY25. ET had reported this capital infusion of Rs 600 crore from Amazon into Amazon Pay India, to bolster its efforts to compete with the likes of Paytm, PhonePe, and Google Pay.
Amazon Pay competes with these platforms in various services, including bill payments, Unified Payments Interface (UPI) transactions, wealth management, ticket booking, and insurance premium payments.
The fintech arm has also formed partnerships with platforms like BookMyShow, MakeMyTrip, RedBus, IRCTC, and Kuvera for services such as movie and travel ticketing and wealth management.
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According to data from the National Payments Corporation of India (NPCI), as of September 2024, Amazon Pay ranked as India’s seventh-largest UPI player by transaction volume, trailing behind PhonePe, Google Pay, Paytm, Cred, Navi, and Axis Bank Apps. In September, Amazon Pay processed 70.9 million UPI transactions.Earlier this year, Amazon Pay received a payment aggregator (PA) licence from the Reserve Bank of India (RBI), enhancing its merchant payments capabilities. This licence was the second significant regulatory approval Amazon Pay India has obtained, after getting a prepaid payments instrument (PPI) or wallet licence.
Last week, Amazon Pay’s competitor Paytm reported a 34% year-on-year decline in FY25 second-quarter operational revenue, totalling Rs 1,660 crore. However, the sale of its ticketing platform to Zomato enabled the digital payments company to report a net profit of Rs 930 crore.
