Google Pay, which commands more than 40% of the UPI market, reported revenues from operations at Rs 1,501 crore for financial year 2019-2020, up 34.26% year-on-year from Rs 1,118 crore.
Net profits for the year stood at Rs 32.8 crore, up 543.14% or six-fold, from Rs 5.1 crore in financial year 2018-2019, according to the company’s latest regulatory filings.
Google India Digital Services, which operates Google Pay, received an income of Rs 265.8 crore for business support services to Google Asia Pacific, a Singapore based-subsidiary of the US parent, according to the filings.
In the same period, advertisement and marketing expenses of the payments company stood at Rs 45.2 crore -- it recorded a total expenditure of Rs 1,457 crore.
According to data from the National Payments Corporation of India (NPCI), accessed by TechCircle, Google Pay reported 960 million transactions in November, an increase from 857.8 million in October. Rival PhonePe registered 868.4 million transactions in November, cornering 39% of the market share.
Currently, Google Pay, Flipkart-owned PhonePe and Vijay Shekhar Sharma founded Paytm control a majority of the UPI market share. This arrangement is likely to change soon, with the UPI regulator NPCI capping transactions through each of these apps at 30%.
Google Pay had earlier raised concerns over the new policy, given the early stages of digital wallet adoption in India.