PhonePe digitizes 25 Million kiranas across India
- Emerges as the largest player on P2M transactions, processing over a billion merchant transactions in Nov’21
- Offline transactions on PhonePe show a 200% year-on-year jump
National, December 13th, 2021: PhonePe, India’s leading digital payments platform, today announced that it has digitized 25 million small merchants and kirana stores in India. The company also said that offline merchant transactions on its platform have shown 200% growth since last year. PhonePe attributed this phenomenal growth to the rapid expansion it has seen in offline merchant acceptance across geographies, with a 1,25,000 strong field force who have been instrumental in driving and supporting the company’s merchant acceptance network across Bharat.
PhonePe now has a merchant network across 15,700 towns and villages, constituting 99% pin codes in the country. The company had previously announced its plans to hit the 25 million number by the end of 2021, and has achieved this target weeks ahead of schedule.
In November 21, PhonePe also processed over a billion P2M transactions, cementing its pole position as India’s leading Fintech platform, leading in both P2P and P2M transactions. P2M transactions on PhonePe include payments made by users at offline and online stores and all utility payments like Recharges, Bill Payments and Financial Services.
Commenting on the announcement, Sameer Nigam, Founder & CEO, PhonePe said, “PhonePe has emerged as India’s largest digital payments platform, and we are leading the industry on all key metrics which includes value and volume of transactions, registered users as well as merchant coverage. Earlier this year we undertook the target of digitizing over 25Mn kiranas across India, and we have achieved this milestone in record time, due to our relentless focus in making payments accessible to the last mile, and our strong execution capabilities.”
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, 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 25 million merchant outlets across India.
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