PhonePe goes live at over a million offline merchants in India
We are excited to announce that we recently achieved an important milestone. PhonePe is now accepted as a payment option at over one million merchants across seventy cities in India. This milestone has been achieved in less than an year and reflects our phenomenal acceptance across both large organised retail stores as well as small and mid-size kirana stores in the country.
We are also working closely with merchants across the country to enable the acceptance of consumer payments through multiple instruments like UPI, Credit Cards, Debit Cards, the PhonePe wallet as well as external wallets.
We have seen remarkable growth in 2018 in the offline business space across key metros as well as Tier 1, 2 and 3 cities. The strong uptake we are seeing in the adoption of our payment solutions by merchants is a testimony to the fact that retailers, both big and small are seeing tremendous benefit in using PhonePe. Using our interoperable UPI QR code based solutions, small retail merchants are able to get some big benefits. They no longer need to pay any processing fees and settlements are instantly credited to their bank accounts. In addition, with our UPI QR solution, merchants can now accept payments through any UPI app and no longer need multiple digital payment acceptance solutions in the shop. We also enabling instant on-boarding and activation for small retail merchants making the process really simple and hassle free.
We are not just a payment partner for the merchants we on-board, but are helping them grow their business by driving footfalls and building a stronger digital presence for them.