The withdrawal of Rs 2,000 banknotes is likely to be a non-event as India has adopted digital payments on a mass scale, said SBI Research in its latest Ecowrap.
Google Indian Digital Services that operates Google Pay here had spent Rs 1,028 crores as in the form of reimbursements for cash reward in the FY ending on March 31, 2019, reports stated.
The report shared by an online news platform, Entrackr reported the numbers via regulatory documents of the company.
As per the report, the amount was largely received from Singapore based parent entity – Google Asia Pacific (GAP).
In the past few financial years the tech giant has spent about Rs 1,369 crore as cashback rewards, the report stated.
Last month, Google Pay said that the company had spent around 67 million on monthly active users with an annual gross transaction run-rate of $110 billion.
According to the report, the company is eyeing for Rs 5 crore as profit at the end March, 2019. In 2018, the numbers were Rs 5.47 crore.
(With input from agencies)