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Amazon tops up India payments business with Rs 600 crore

Economic Times

Economic Times · 1y ago

Amazon tops up India payments business with Rs 600 crore

Amazon has invested INR 600 crore (approximately $72 million) in its Indian fintech arm, Amazon Pay India, increasing its total investment in the payment platform to INR 950 crore ($114 million) this year. The move further intensifies the competition with other players in the Indian payments market, such as Paytm, PhonePe, and Google Pay. Amazon Pay India offers services like bill payments, UPI payments, wealth management, and insurance premium payments, and has tie-ups with various companies including Bookmyshow and Makemytrip. Amazon Pay India received a payment aggregator license from RBI earlier this year, allowing it to strengthen its merchant payments business.

Related News

Amazon Pay India reports Rs 2,286 crore revenue for FY24, cuts losses by 39%

Economic Times

Economic Times · 10m ago

Amazon Pay India reports Rs 2,286 crore revenue for FY24, cuts losses by 39%

Amazon Pay, the digital payments arm of Amazon, achieved a 9.22% increase in operating revenue to Rs 2,286 crore in the financial year ending March 2024. The company reduced its losses by 39% to Rs 911 crore during the same period. Total expenses decreased to Rs 3,280 crore and employee benefit expenses slightly declined. Amazon Pay raised Rs 850 crore during FY24 and an additional Rs 600 crore in May FY25 to compete with other payment platforms. The company is India's seventh-largest UPI player and recently obtained a payment aggregator license from the RBI.

Amazon Pay secures payment aggregator licence from RBI

Economic Times

Economic Times · 1y ago

Amazon Pay secures payment aggregator licence from RBI

Amazon Pay has received a payment aggregator (PA) license from the Reserve Bank of India, allowing it to offer online merchant payment services. This license will enable Amazon to strengthen its merchant payments business and provide secure and convenient payment experiences to its customers. Amazon Pay operates a consumer-focused mobile wallet and has issued 6.6 crore wallets as of January 2024. With this license, Amazon can process e-commerce payments and expand its services to direct-to-consumer sellers. In FY23, Amazon Pay reported operational revenue of Rs 2,093 crore and a net loss of Rs 1,499 crore.

Groceries, supermarkets lead UPI merchant payments in July; debt collection tops by value - The Economic Times

Economic Times

Economic Times · 17d ago

Groceries, supermarkets lead UPI merchant payments in July; debt collection tops by value - The Economic Times

In July, grocery and supermarket transactions dominated India's Unified Payments Interface (UPI) merchant payments, with 3.03 billion transactions totaling Rs 64,882 crore. Debt collection agencies led in value, collecting Rs 93,857 crore. UPI merchant payments (P2M) reached 12.38 billion transactions worth Rs 7.34 lakh crore, while total UPI volumes, including P2P, hit 19.47 billion worth Rs 25.08 lakh crore. Axis Bank processed the highest transaction volume, and digital payment channels like IMPS and AePS also grew.

Amazon launches marketplace fee, excludes Q-com offering Amazon Now

YourStory

YourStory · 2m ago

Amazon launches marketplace fee, excludes Q-com offering Amazon Now

Amazon India has introduced a flat Rs 5 marketplace fee on all orders to cover growing operational costs, similar to Flipkart's Rs 3 fee last year. Exclusions apply to Amazon Business, Amazon Bazaar, Amazon Now, digital purchases, payments, and gift cards. This move aligns with the trend of quick commerce and food delivery platforms like Swiggy and Zomato, which charge a flat fee to boost profitability amid high order volumes and sector cash burn.

Industry expects around Rs 600 crore loss as government nixes RuPay subsidy

Economic Times

Economic Times · 5m ago

Industry expects around Rs 600 crore loss as government nixes RuPay subsidy

The Indian digital payments industry faces a potential Rs 500-600 crore loss due to the government's withdrawal of subsidy support on RuPay debit cards, as reported by Economic Times. Previously, subsidies helped offset losses from the zero-MDR mandate. With the subsidy for UPI payments reduced to Rs 1,500 crore for FY25, down from expectations of Rs 5,500 crore, fintechs and banks face sustainability challenges. Industry representatives are contemplating advocating for MDR revival to sustain RuPay's competitiveness.

Amazon pumps in Rs 830 crore in its ‘Seller Services’ in India

Economic Times

Economic Times · 1y ago

Amazon pumps in Rs 830 crore in its ‘Seller Services’ in India

Amazon has infused Rs 830 crore ($112 million) into its Indian subsidiary, Amazon Seller Services. This investment follows Amazon's recent infusion of Rs 350 crore into Amazon Pay (India) Ltd. The move comes as Amazon continues to focus on investing in its cloud services arm, Amazon Web Services, in addition to its core e-commerce business. Amazon has previously announced plans to invest $15 billion in the Indian market by 2030. In a related development, Amazon has undergone a restructuring of its top management in India, with some executives being reassigned or relocated.

Exclusive: Phi Commerce tops up Series B with fresh funding

Entrackr

Entrackr · 1m ago

Exclusive: Phi Commerce tops up Series B with fresh funding

Exclusive: Phi Commerce tops up Series B with fresh funding Omnichannel payment solutions provider Phi Commerce raised Rs 51.34 crore ($6 million) in its ongoing Series B round from existing investor BEENEXT Ventures. With this, the investment raised by the company in the Series B totaled $11 million, including the $5 million secured in April of this year from DG Strategic Investment, exclusively reported by Entrackr. According to its filing sourced from the Registrar of Companies (RoC), Phi Commerce’s board allotted 83,907 Series B compulsory convertible preference shares at an issue price of Rs 6,120 apiece to raise the aforementioned amount. According to Entrackr’s estimates, the company’s valuation stands at Rs 1,361 crore or $161 million post-allotment. Phi Commerce offers a unified omnichannel payments platform for businesses, banks, and networks. Its flagship product, PayPhi, streamlines complex digital transactions across online, in-store, on-the-go, and doorstep channels. The Pune-based company has raised $20 million to date, according to data intelligence platform TheKredible. Following the latest allotment, BEENEXT holds the largest stake at 25.75%, followed by Opus Software with 24.12%. Meanwhile, co-founders Jose Thattil, Anil Sharma, Tushar Shankar, and Rajesh Londhe collectively retain a 33.7% stake in the company. Last year, Phi Commerce secured NPCI certification to offer UPI Switch for its enterprise clients. The solution enables seamless onboarding and supports key features like AutoPay, recurring payments, instant refunds, and credit card linkages. While Phi Commerce has yet to file its FY25 financials, the fintech firm saw its operating revenue jump 2.3X to Rs 81.7 crore in FY24 from Rs 35.7 crore in FY23. The company posted a loss of Rs 29 crore during the same period.

Amazon Pay UPI usage grows 16% YoY amid festive sales

YourStory

YourStory · 10m ago

Amazon Pay UPI usage grows 16% YoY amid festive sales

During the first 48 hours of the Amazon Great Indian Festival 2024, Amazon Pay UPI saw a 16% year-on-year growth. To leverage this momentum, Amazon introduced the "Bumper Rewards" program, offering users rewards of up to Rs 10,000 for completing UPI transactions. This initiative aims to incentivize users to make payments both on and off Amazon.in, with rewards given after certain transaction milestones. Amazon Pay has gained over 100 million UPI users since its launch in 2019 and processed transactions worth Rs 7,845.04 crore in September 2024.

Pine Labs nears Rs 1,600 Cr revenue in FY23 with sound economics

Entrackr

Entrackr · 1y ago

Pine Labs nears Rs 1,600 Cr revenue in FY23 with sound economics

Merchant commerce and payments platform Pine Labs has shown impressive growth, with its operating scale increasing over two-fold in the past two fiscal years. During the fiscal year ending in March 2023, the company reported a revenue of Rs 1,588 crore, up from Rs 726 crore in FY21. Additionally, Pine Labs managed to reduce its losses by over 12% in FY23. The company operates in three business segments: digital payments, issuing, and consumer applications. Its revenue from the payments segment saw a significant spike of 75.1% to Rs 1,077 crore in FY23 compared to the previous year.

Razorpay’s payments entity reports flat profit of Rs 7.3 crore in FY23

Economic Times

Economic Times · 1y ago

Razorpay’s payments entity reports flat profit of Rs 7.3 crore in FY23

Merchant payments provider Razorpay has reported a flat net profit of Rs 7.3 crore for FY23, despite a 54% increase in revenue to Rs 2,279 crore. The company's total expenses rose by 55% to reach Rs 2,283 crore, with employee benefits and salaries accounting for 28% of the expenses. Razorpay's payments business is already profitable, and the company aims to achieve profitability across all business lines within the next two years. The company is also planning to shift its domicile back to India and has raised $741.5 million in funding to date.

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