Revenue from operations up 30% to Rs 1,716 crore FY 21 1,315 crore, while Rs 3,295 crore expenditure was flat against Rs 3,234 crore a year ago, according to a filing accessed by ET through business intelligence firm Toffler.
The increase in revenue could be on the back of increasing traction for its service that includes pay over Unified Payments Interface, bill payments, online checkout on e-commerce websites, as well as Pay Later offers in tie-ups with local banks. non-bank lenders.
amazon pay Reduced its advertising and promotional spend by 11% to Rs 1,967 crore in the last fiscal. The expenditure on processing payments almost doubled to Rs 879 crore in the last financial year, while legal and professional fees stood at Rs 16 crore.
The firm fully classifies its revenue from operations as a ‘payment processing fee’, which is a commission charged for facilitating transactions for merchants and customers on its network.
Amazon has been striving to make steady inroads into India’s digital economy over the past few years, competing for share in the rapidly growing online payments market with the likes of Paytm, Walmart’s PhonePe and Google Pay. Unlike its competitors, Amazon Pay’s is i The service does not have a separate mobile application for payments; It comes bundled with its ecommerce app.
Amazon had invested Rs 1,000 crore (about $134 million) through the Singapore arm Amazon Corporate Holdings. Amazon Pay India Separate filings appeared on November 3, ahead of Diwali. This information was first given by the news portal Inc42.
The investment follows an allocation of Rs 450 crore by Amazon Corporations Holdings and Amazon.com.incs earlier this year, the news portal reported.
This year, e-commerce firms Flipkart and Amazon saw record sales during their major festive sales, where they heavily used rewards and instant cashback schemes to woo customers.
Amazon Pay has several products in the Indian market that aim to achieve transaction volume as well as create value for the merchants. Its Amazon Pay Later allows users to take advantage of a deferred payment service called Buy Now Pay Later, where the customer pays for the product one month after purchase with an EMI option provided by a financial institution.
Another popular product is a co-branded credit card in partnership with ICICI Bank. Amazon’s rival Flipkart has a tie-up with Axis Bank.
The company’s UPI product – Amazon Pay UPI – ranks fourth among the top UPI facilitators in the country behind PhonePe, Google Pay and IPO-bound Paytm. In October, Amazon Pay processed 68.8 million transactions worth Rs 6,286 crore. According to the National Payments Corporation of India data, a total of 4.2 billion transactions took place in UPI, worth Rs 7.7 lakh crore.