Digital payments firm PhonePe crosses the 2 bn monthly transaction mark
Walmart-owned digital payments firm PhonePe said that it
has processed over 2 billion transactions on its platform in October this year. PhonePe is the market
leader in UPI transactions, driving the highest number of peer-to-peer(P2P) and
merchant transactions in the country. It also has the pole position in Recharge
and Bill Payment transactions via Bharat Bill Payment System (BBPS). PhonePe had crossed
the 1 billion monthly transaction mark in February this year, and has now hit
the 2 billion milestone in just 8 months, cementing its position as India’s
leading Fintech platform. PhonePe competes with players, such as Google Pay,
Paytm and Amazon Pay.
“Last month was phenomenal for PhonePe, as we processed our
highest ever transactions till date, cementing our position as India’s leading
payments platform,” said Sameer Nigam, founder and CEO, PhonePe.
PhonePe’s phenomenal growth comes on the back of rapid traction
across tier-2, tier-3 cities and beyond. This remarkable growth is a clear
indicator of strong user preference for the platform with the highest
end-to-end success rates and superior product experience.
“The fact that 80 per cent of our transactions come from
tier-2, 3 cities and beyond, shows that digital payments have truly penetrated
across the length and breadth of the country,” said Nigam.
PhonePe has over 145 million monthly active users, $600
billion annualized Total Payments Value and digital transactions from over
19000 pin codes, constituting more than 99 per cent of the country.
“We will continue to build the most preferred digital
payments and financial services destination for a billion+ Indians while
transforming lives positively,” said Nigam.
PhonePe now has over 335 million registered users. It is also
accepted at over 22 million merchant outlets across India.Using PhonePe, users
can send and receive money, recharge mobile, DTH, pay at stores, make utility
payments and also buy and invest in gold and silver. PhonePe forayed into
financial services in 2017 with the launch of gold providing users with a
convenient option to buy 24-karat gold, and recently also launched silver on
its platform. It has since introduced several Mutual Funds and Insurance
products like tax-saving funds, liquid funds, international travel insurance,
life insurance, and insurance for the Covid-19 pandemic.
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