Amazon Pay India narrowed its net loss for FY24 to Rs 911.2 crore, down 39.21 per cent from Rs 1,499 crore in FY23, on the back of targeted cost reductions.

The fintech company said its operating revenue increased to Rs 2,286.9 crore in FY24, an increase of 9.26 per cent from Rs 2,093.1 crore in FY24. previous exercise.

Meanwhile, Amazon’s payments arm reported a notable decline in its expenses, with total expenses (excluding depreciation) falling 9.91% to Rs 3,269.2 crore from Rs 3,629.6 crore during exercise 23.

Most of Amazon’s expenses included advertising and promotional expenses, which fell 30.62% to Rs 1,534.9 crore in FY24 from Rs 2,004.9 crore in FY24 23. Its employee benefits expenditure also declined by 4.75% to Rs 216.4 crore in FY24 from Rs 227.2 crore in FY23.

Since its launch in 2019, Amazon Pay has quickly gained traction, accumulating more than 100 million UPI users and secure a position among the top 10 most used UPI payment methods in India.

According to NPCI data, Amazon Pay, ranked seventh just behind Axis Bank app, processed transactions worth Rs 7,845.04 crore in September 2024, buoyed by a festive season campaign that also saw a 16% annual growth in UPI transaction volume.

Amazon Pay has regularly expanded its offering in India since its launch, going beyond payments for Amazon’s marketplace to include bill payments, travel bookings and even investment options through partnerships with companies like smallcase and Kuvera.

UPI transactions are at the heart of Amazon Pay’s growth, although it lags behind Google Pay and PhonePe in terms of transaction volume.

In India, Amazon Pay also operates more broadly in the insurance sector, partnering with Acko, to offer insurance policies and even health coverage to its sellers, unlike its more limited, consumer-focused payment services. B2B, US and UK.