new delhi amazon pay india the ecommerce giants payments unit in india saw its losses widen to rs 18685 crore in the financial year 2020 from rs 11608 crore in the fiscal ended march 2019 as per regulatory documentsthe company which competes with players like paytm flipkarts phonepe and google pay saw its parent pumping in over rs 2700 crore investment in financial year 2020amazon pays total revenue for fiscal 2020 grew over 64 per cent to rs 1370 crore over rs 8345 crore in fiscal 2019 according to registrar of companies filing shared by market intelligence firm tofler advt emails sent to amazon india did not elicit a responsethe filing pointed out that amazon pay india has received rs 2705 crore in financial year 2020 from amazon corporate holdings private limited and amazoncomincs limitedamazon pay india allotted shares to these entities worth rs 450 crore in june rs 900 crore in october and rs 1355 crore in december 2019 the document saidit added that shares worth over rs 700 crore were allotted to these firms in september this yearthe filing said millions of customers use amazon pay for a wide variety of payments including shopping on amazonin recharges and bill payments money transfers and paying offline and online merchantsamazon pay said it has partnered with several banking nbfcs nonbanking financial companies fintech and merchant partners to deliver these servicesthis year your company launched upi for ios users launched the minimum kyc prepaid instrument ppi wallet scaled adoption of amazon pay icici credit card operationalised the insurance corporate agency license and launched new ticketing use cases including flights buses and movies the filing saidthe filing added that amazon pay continues to focus on security and reliability to ensure customers experience the ease and convenience of transacting digitally advt covid19 lockdown and social distancing norms impacted our ability to onboard new offline merchants as well as perform inperson kyc for our wallet customers albeit this situation has accelerated development of new remote technology driven alternatives for these processes which we believe would both improve customer experience and reduce costs for the business it said pti published on dec 12 2020 at 0828 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etretail app get realtime updates save your favourite articles scan to download app amazon pay nonbanking financial companies flipkarts phonepe google pay paytm fintech homenewsamazon pay indias loss widens to rs 18685 crore in fy20