PhonePe crosses 100Mn transactions a day
The company processes over 2.5 Bn transactions a month & has 165 MN monthly active users
National, April 13th, 2022: PhonePe, India’s leading digital payments app, today announced that it has processed more than 100Mn transactions in a single day. This phenomenal milestone is achieved on the back of the highest end-to-end success rates in the industry, and is testimony to the commitment and quality of PhonePe’s engineering team.
PhonePe currently processes over 2.5Bn transactions a month at an Annual TPV run rate of $780Bn and is India’s leading Fintech platform. PhonePe’s phenomenal growth comes on the back of rapid traction across Tier 2, Tier 3 cities and beyond. The app has seen digital transactions from over 19,000 pin codes, constituting more than 99% of the country. This remarkable growth is a clear indicator of strong user preference for the platform backed by superior product experience.
Commenting on the milestone Rahul Chari, CTO and Co-Founder, PhonePe said, “This is a big milestone for us and has been achieved by the best-in-class payments success rates, and fastest speed of transactions, backed by a superior product experience. We use technology to predict the likelihood of success of a transaction based on historical behavior, which allows us to offer 99.99% system uptime. As we continue to work towards building a payments platform for a billion Indians, I would like to acknowledge the commitment and quality of our tech and engineering teams in our success.’’
PhonePe was founded in December 2015, and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With over 370 million registered users, one in four Indians are now on PhonePe. The company has also successfully digitized close to 30 million offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe forayed into financial services in 2017, providing users with a safe and convenient option to buy 24-karat gold, and has recently also launched silver on its platform. Since then, PhonePe has introduced several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance, life insurance, COVID-19 insurance amongst others. Using PhonePe, users can also send and receive money, recharge mobile, DTH, pay at stores and make all their utility payments.
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