Google Payments India FY19 profit up 75%

Google Payments India reported a 75% increase in net profit at Rs 32.8 lakh for the year ended March 31, 2019 compared to Rs 18.7 lakh compared to the previous financial year.

Revenue rose about 91% to Rs 3.76 crore, regulatory filings show.

Google Payments India is the payments business of Google India.

Google India reported a 56% decrease in yearly revenue, hurt by the adoption of new accounting standards.

Google Pay, originally launched just over two years ago as Tez, which is Hindi for fast, is the most preferred unified payment interface (UPI) option with 62% market share in July, August and September, followed by rivals PhonePe with 25%, Paytm with 6% and Bhim with 5%, according to a report by payment gateway software company Razorpay earlier this month.