PhonePe crosses the 2 Billion monthly transaction mark
- Leads the market in UPI P2P & P2M transactions
- Driving the highest number of transactions on Recharges & Bill Payments
National, November 17th, 2021: PhonePe, India’s leading digital payments platform today announced that it has processed over 2 Billion transactions on its platform in Oct’21. PhonePe is the market leader in UPI transactions, driving the highest number of P2P and merchant transactions in the country. It also has the pole position in Recharge and Bill Payment transactions via BBPS. PhonePe had crossed the 1 Billion monthly transaction mark in February this year, and has now hit the 2 billion milestone in just 8 months, cementing its position as India’s leading Fintech platform.
PhonePe’s phenomenal growth comes on the back of rapid traction across Tier 2, Tier 3 cities and beyond. This remarkable growth is a clear indicator of strong user preference for the platform with the highest end-to-end success rates and superior product experience. PhonePe has seen over 145 Million Monthly Active Users, $600 Billion Annualized Total Payments Value (TPV) and digital transactions from over 19000 pin codes, constituting more than 99% of the country.
Commenting on the milestone, Sameer Nigam, Founder & CEO, PhonePe said, “Last month was phenomenal for PhonePe, as we processed our highest ever transactions till date, cementing our position as India’s leading payments platform. The fact that 80% of our transactions come from tier 2, 3 cities and beyond, show that digital payments have truly penetrated across the length and breadth of the country. We will continue to build the most preferred digital payments and financial services destination for a billion+ Indians while transforming lives positively.”
PhonePe is India’s leading digital payments platform with over 335 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, 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, term life insurance, and insurance for the COVID-19 pandemic among others. PhonePe is also accepted at 22+ million merchant outlets across India.
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