PhonePe has announced that it has carried out over a million transactions per day in the month of November. The service also said it has achieved a Total Payments volume annual rate of 40,000 crores within 14 months of its launch. It claims its monthly transactions have grown 8200% since November last year, mainly due to the growth of its online merchant, bill payment and peer to peer transactions. PhonePe has recently introduced new categories like Credit Card Bill Payments and Gift Cards in its mobile app, which has been downloaded over 55 million Indians so far.
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PhonePe, India’s fastest growing digital payments platform, today announced two big milestones.
The market leader in UPI-based merchant transactions processed over 1 million daily transactions, worth over 100 Crores every day in November.
PhonePe has achieved a staggering Total Payments Volume (TPV) annual run rate of INR 40,000 Crore within 14 months of market launch. This is the fastest ramp up seen in India’s digital payments space to date. PhonePe’s monthly transactions have grown 8200% since November last year, fueled largely by exponential growth in its online merchant, bill payment and peer to peer transactions. The PhonePe mobile app has been downloaded by over 55 million Indians so far.
Sameer Nigam, Co-founder & CEO, PhonePe said, “We believe India is at the cusp of a major digital payments revolution, and PhonePe has been an important catalyst driving this change across the country. In line with the national agenda of Digital India, we are constantly innovating to bring more use cases to our platform and becoming the one-stop payments solution for all our customer needs. We are humbled to hit the million transactions a day milestone in such a short span of time. We are currently processing INR 40,000 Cr worth of digital payments annually, and are targeting to double this metric by March, 2018.”
PhonePe has recently introduced new categories like Credit Card Bill Payments and Gift Cards in its mobile app, and integrated over sixty thousand online and offline merchants in categories ranging from movie tickets, food delivery, pharmacies, groceries, travel and petrol pumps where customers can pay their bills using UPI, Wallets, Credit & Debit Cards. PhonePe also recently launched the world’s cheapest indigenously-designed Point of Sale (POS) device, costing just $10, to help accelerate the pace of digital inclusion for millions of local merchants and customers in India.