Walmart-owned digital payments firm PhonePe on Friday said that it has achieved an annual ‘total payment volume’ (TPV) run-rate of $95 billion while clocking 335 Million transactions in July. The milestone puts PhonePe among the top digital payments companies in the country which includes SoftBank-backed Paytm and Google Pay.
PhonePe’s TPV run-rate has grown nearly 5X in the past year, since crossing the $20 billion mark in June 2018. This growth has come on the back of the exponential expansion of PhonePe’s merchant network, both online and offline, said the company.
"We are thrilled by the rapid adoption of PhonePe services across India. Last month alone, the PhonePe app was used by 60 million users,” said Sameer Nigam, chief executive and founder of PhonePe. “This means one out of every 15 Indian adults used the PhonePe app in July. This is both very exciting and very humbling for our company which launched less than 3 years ago,” said Nigam.
PhonePe crossed the milestone at a time when it recently received Rs 697.9 crore from its parent entity in Singapore called PhonePe Pvt Ltd (Singapore), previously known as Flipkart Payments Pvt Ltd.
With over 150 million users, the Bengaluru-based company said PhonePe app drives the highest number of merchant unified payments interface (UPI) transactions in India. It is accepted across 5 million merchant outlets nationally. PhonePe also launched its own Apps platform in 2018. Today, its customers can place orders on ride-hailing firm Ola, Indian Railway Catering and Tourism Corporation, bus ticketing platform redBus and hotel network OYO directly from within the PhonePe Mobile App.
PhonePe, along with its rivals Paytm, Google Pay and Amazon Pay, are eyeing the Indian digital payments space which is expected to rise fivefold to reach $1 trillion by 2023 and it would be led by the growth in mobile payments, according to a report by financial services company Credit Suisse.