PhonePe crosses 350 million registered users
- Records over 150 Mn monthly active users & an annualized TPV of $651 Bn
- Strengthens position as largest fintech platform in the country with over 45% market share in UPI
National, January 7th, 2022: PhonePe, India’s leading fintech platform today announced that it has crossed 350 million lifetime registered users further cementing its leadership position. This essentially means that one in four Indians now use PhonePe. The registered user base has grown by 28% from 273 million in January to 350 million in December 2021. The company also reported 150 million monthly active users (MAU) and an annualized total payment value (TPV) of $651 billion in December.
PhonePe is leading the industry on all key metrics including value and volume of transactions, registered users as well as merchant coverage. The company has been the market leader in UPI with over 45% market share in terms of the volume of transactions processed in December. It also processed over 500 million transactions at physical stores (including kiranas) in December 2021. This was achieved due to the rapid expansion of PhonePe’s merchant coverage spanning 25 million stores spread across 15,700 towns and villages, constituting 99% of pin codes in India.
Commenting on the milestone, Sonika Chandra, Head of Consumer Platform & Payments, PhonePe said, “We are delighted to cross the 350 million registered users mark, and emerge as India’s largest digital payments platform across all core metrics. This phenomenal growth is driven by our technology team’s relentless pursuit of delivering the highest end-to-end transaction success rates in the industry, as well as our offline sales efforts in building the largest merchant acceptance network in India. We will continue to push hard on deepening digital payment adoption and merchant acceptance across India.”
PhonePe is India’s leading digital payments platform with over 350 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments and also buy and invest in gold and silver. PhonePe forayed into financial services in 2017 with the launch of gold providing users with a safe and convenient option to buy 24-karat gold, and recently also launched silver on its platform. PhonePe has since introduced several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance, life insurance, and insurance for the COVID-19 pandemic among others. PhonePe is also accepted at over 25 million merchant outlets across India.
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