Amazon Pay reports flat revenue growth, cuts losses in FY24
05 Nov 2024, 02:28 AMThe e-commerce giant’s fintech arm reported a slight jump in its revenue from operations to Rs 2,287 crore in FY24 from Rs 2,093 crore in FY23.
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Oct 29: Amazon Pay (India) has posted Rs 911.2 crore in losses during the financial year 2024 as compared to a loss of Rs 1,499 crore in the last financial year.
The e-commerce giant’s fintech arm reported a slight jump in its revenue from operations to Rs 2,287 crore in FY24 from Rs 2,093 crore in FY23.
During FY24, Amazon Pay raised Rs 850 crore, and an additional Rs 600 crore in May FY25 from its parent entity in order to compete with the likes of Paytm, PhonePe, and Google Pay.
As per the National Payments Corporation of India (NPCI) data, Amazon Pay is India's seventh-largest UPI player by transaction volume, behind PhonePe, Google Pay, Paytm, Cred, Navi, and Axis Bank, as of September 2024.
Earlier this year, Amazon Pay received a payment aggregator (PA) licence from the Reserve Bank of India (RBI). Also, it is among the first four entities to have received the cross-border PA licence from the regulator too.
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