PhonePe crosses 5 billion transactions on the App
Shows a phenomenal 5X year-on-year growth
Last week we hit an important milestone in our journey. We crossed 5 billion transactions on the PhonePe app. We had crossed the 1 Billion transaction milestone in November 2018, and have grown a phenomenal 5x in the last one year.
This landmark has been achieved by our reach and adoption across the country. We are now accepted as a payment option across 80 lakh MSMEs in over 215 cities in India and over 56% of our transactions are driven by users in Tier 2 and Tier 3 cities. From recharges to money transfers, bill payments, to buying gold and investing in mutual funds, today we offer our users the widest variety of use cases and have emerged as the preferred payment app across the country. This year, we also introduced many new use cases to make a customer’s experience on our platform more seamless and convenient including ‘Switch’, which does away with the need for downloading multiple apps. Switch allows customers to seamlessly switch between PhonePe and their favourite food, grocery, shopping and travel apps from within the PhonePe app, with just a single tap. The PhonePe platform also features a ‘Stores’ tab which helps customers discover hyperlocal shops in their vicinity. Customers can pay using their preferred payment modes like UPI, Wallet, Credit or Debit Cards at any of these stores.
PhonePe also has over 150+ million bank accounts linked on its platform, a testament to the trust that consumers repose in us. In addition to being the market leader in UPI, we also have over 56 Mn saved credit & debit cards on our platform.
Our journey over the last 4 years has been incredible, not just in terms of the growth of the platform, but also in realizing the social impact that payments and financial services can create. We will continue working on solutions that provide best-in-class experience to consumers and merchants alike.