PhonePe Sees 100% Month Over Month Growth
PhonePe emerges as the largest player on UPI transactions for merchants
Bangalore, June 7, 2017: PhonePe announced 100% growth in May, with 5.5 Million overall transactions. UPI transactions crossed 3.5 Million, contributing to 70% of our overall transactions.
We are also clearly leading the charge on merchant transactions on the UPI network.
Talking about the progress, our CEO Sameer Nigam says, “Our total merchant transactions grew 400% by value in May on the back of a highly successful Big 10 sale on Flipkart, making us the largest contributor to UPI merchant transactions, ahead of BHIM and all other UPI based apps.“
With over 100 billers on the app, we have rapidly expanded our coverage in the DTH, Utility and Insurance categories. We are also also becoming the default payment mode of choice on leading shopping apps like Flipkart, Myntra and Jabong where customers love the convenience of using a mix of UPI, wallet, Credit and Debit cards to make payments. With PhonePe customers of over 50 banks can pay instantly and seamlessly using UPI.
Our Co-Founder and CTO Rahul Chari said,“We have clearly emerged as the leader in driving merchant adoption for UPI in India. We processed millions of merchant transactions over the UPI network last month, but our systems did not show any signs of stress. At the peak, UPI itself saw a surge of 30 transactions per second during the BIG 10 sale. This is a testimony to our fantastic engineering talent and robust integration capabilities. I also want to congratulate and thank the YES BANK engineering team which worked equally hard to scale their end of the UPI infrastructure, without which we would not be able to accomplish this milestone.“
Added Ritesh Pai, Chief Digital Officer, YES BANK,” YES BANK has built an industry leading UPI platform and partnered with multiple leading companies to further the UPI ecosystem. We are delighted to see PhonePe grow from strength to strength and our partnership with them continues to be the biggest success stories of the year. We are clearly emerging as the payment platform of choice for the Digital Indian when it comes to their banking needs and enabling the vision of a ‘less-cash’ Indian economy.”