Digital payments firm PhonePe crosses 2-bn mark in monthly transactions

PhonePe's phenomenal growth comes on the back of rapid traction across Tier-II, Tier-III cities and beyond

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.