Google Pay India revenue increases 92% to Rs 3.76 crore

Rival PhonePe last reported 55 million MAU as of June 2019. A recent report by Razorpay showed Google Pay was the only UPI app that was used predominantly by consumers.

Written by FE Bureau

October 24, 2019 02:26 IST

A recent report by Razorpay showed Google Pay was the only UPI app that was used predominantly by consumers.

Google Payment India’s revenue from operations increased by 92% to `3.76 crore in the year to March 2019 compared to the year-ago period. Profits grew by 75.14% to `32.77 lakh, according to the company’s RoC filings sourced from business signals platform Tofler.
In an event last month, Google said its digital payments platform, Google Pay hit 67 million monthly active users (MAU) in India as of September 2019, a growth of three times on year. Transactions on the platform crossed $110 billion on an annualised basis during the period.

Rival PhonePe last reported 55 million MAU as of June 2019. A recent report by Razorpay showed Google Pay was the only UPI app that was used predominantly by consumers.

About 60% of UPI transactions were carried out through Google Pay in May. The second-highest number of UPI transactions came through PhonePe at 23%.

This article was first uploaded on October twenty-four, twenty nineteen, at twenty-six minutes past two in the night.