PhonePe emerges as the largest player on merchant UPI transactions
PhonePe recently achieved a new milestone. We emerged as the market leader, driving the highest number of merchant UPI transactions in August. The PhonePe app processed over 380 Million transactions in August, with over 90 Million Offline transactions. This phenomenal growth is driven by our acceptance as a payment option across 65 lacs Kirana and retail stores across 210+ cities in India.
We were the first payment player to launch the interoperable QR code. Today, the PhonePe QR code is deployed across 65 lakh merchant outlets across India. This PhonePe innovation has made it extremely simple (and free) for the neighborhood Kirana store to accept digital payments. Rather than having multiple QR codes, merchants just need to display one single QR code at their store front to accept digital payments through any Unified Payment Interface (UPI)-enabled app such as PhonePe, Paytm, Google Pay, BHIM etc.
We have also taken a partnership model with our offline merchants and work very closely with them. We are helping our partner merchants grow their business by enabling them to tap into our massive consumer platform, thereby driving more footfalls for them. We also launched the “PhonePe for Business” app last year to provide faster settlement and reconciliation for our merchant partners. The app has been downloaded by more than 42 lakh merchants across India.
As India’s largest transaction platform, we will continue working to digitally connect Indian consumers to local shops and service providers.