PhonePe claims that its has processed over 100 million monthly transactions in July this year.
Digital payments platfrom, PhonePe has announced that it has emerged as the single largest player on UPI network pipping Google Tez and Paytm and processed over 100 million monthly transactions in July this year.
Read the complete press release below
PhonePe, India’s fastest growing digital payments platform today announced that it has emerged as the single largest player on the UPI network, ahead of other payment apps like Paytm and Tez. PhonePe also crossed the 100Mn transaction mark in July, becoming the fastest Indian digital payments company to achieve this feat.
NPCI reported that its UPI platform saw 236 Mn total transactions in July 2018. Of these PhonePe had the largest market share of 40%.
Talking about the milestone, Sameer Nigam, CEO and Co-Founder of PhonePe said,” The PhonePe platform has witnessed incredible transaction volume growth over the past few months. Our growth in market share is largely fueled by two factors. One, we have added lakhs of new offline and online merchants on our platform in recent months and are seeing exponential growth in merchant transactions. Two, NPCI recently started blocking any UPI transactions where the sender and receiver bank account number are the same. This block by NPCI has effectively limited the ability of certain companies from incentivizing shell transactions and artificially inflating their UPI numbers. As a result of these two factors, our market share of UPI transactions has jumped to 40% in July. This is validation that, for genuine consumers, PhonePe is their preferred UPI app of choice.”
PhonePe crossed the 100 Mn user mark in June, and the company was also won the Outstanding Merchant UPI Player award at the NPCI excellence awards earlier this year. The PhonePe platform drives nearly 70% of overall merchant transactions on the UPI network.
PhonePe has been rapidly expanding its merchant base and is now accepted as a payment option across 3 Lakh offline and online merchant outlets spanning food, travel, groceries, taxi cabs, movie ticketing etc.
PhonePe, India’s fastest growing digital payments platform today announced that it has emerged as the single largest player on the UPI network, ahead of other payment apps like Paytm and Tez. PhonePe also crossed the 100Mn transaction mark in July, becoming the fastest Indian digital payments company to achieve this feat.
NPCI reported that its UPI platform saw 236 Mn total transactions in July 2018. Of these PhonePe had the largest market share of 40%.
Talking about the milestone, Sameer Nigam, CEO and Co-Founder of PhonePe said,” The PhonePe platform has witnessed incredible transaction volume growth over the past few months. Our growth in market share is largely fueled by two factors. One, we have added lakhs of new offline and online merchants on our platform in recent months and are seeing exponential growth in merchant transactions. Two, NPCI recently started blocking any UPI transactions where the sender and receiver bank account number are the same. This block by NPCI has effectively limited the ability of certain companies from incentivizing shell transactions and artificially inflating their UPI numbers. As a result of these two factors, our market share of UPI transactions has jumped to 40% in July. This is validation that, for genuine consumers, PhonePe is their preferred UPI app of choice.”
PhonePe crossed the 100 Mn user mark in June, and the company was also won the Outstanding Merchant UPI Player award at the NPCI excellence awards earlier this year. The PhonePe platform drives nearly 70% of overall merchant transactions on the UPI network.
PhonePe has been rapidly expanding its merchant base and is now accepted as a payment option across 3 Lakh offline and online merchant outlets spanning food, travel, groceries, taxi cabs, movie ticketing etc.
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