Google Pay seems to be doing very well in India with its monthly active users (MAU) figure reaching 67 million, even higher that the 55 million MAUs that PhonePe boasts of, as per a Financial Express report. The figure for Google Pay relates to September 2019, while that for PhonePe is for the month of June 2019. However, the difference does show. A Razorpay report on the share of the UPI transactions says Google Pay handles 60% of the transactions through the payment gateway while PhonePe handles 23%.
This is reflected in the financial performance of Google Payment India as seen from the company’s filings with the Registrar of Companies (RoC). The revenue from operations of Rs 3.76 crore for the financial year ended March 2019 is 92% higher than the figure for the previous year. The company says it posted a profit of Rs 32.77 lakh which is higher by over 75%. The total value of transactions passing through the Google Pay app stood at $110 million.
It was in June this year that it was reported that Google Pay overtook PhonePe in terms of the number of transactions on its platform. The figures for May 2019 were 240 million for Google Pay while it stood at 230 million for PhonePe. Paytm was the third at 200 million. Translated into the absolute figures of amounts transacted, Google Pay handled Rs 55,000 crore, PhonePe Rs 44,000 crore and Paytm Rs 38,200 crore.
However, there is a long way to go for the overall digital payments ratio to reach the levels the government would desire. The proportion of payments being accepted by merchant establishments through these digital payment transfers don’t account for more than 20% overall.