PhonePe emerges as the largest player on UPI merchant transactions
Captures over 42% of overall UPI P2M market share
National, March 16th, 2021: PhonePe, India’s leading digital payments platform today announced that it has emerged as the largest player on UPI merchant (P2M) transactions capturing over 42% of the overall market share. PhonePe had recently also emerged as the largest digital payments platform processing over 1.07Bn transactions across UPI, wallet, Credit and Debit cards. The company attributed this phenomenal growth to the massive adoption it is seeing in Tier 4,5,6 towns and talukas and a deep focus on driving merchant acceptance in these geographies.
PhonePe is today accepted across 18 million kiranas in the country and has put together a 50,000 strong field force to drive the company’s merchant acceptance network. Over 18Mn merchants have already downloaded the PhonePe Business app, which offers them end-to-end control of the payment process right from instant payment confirmations, receipts and reconciliations. PhonePe also offers voice notifications in 11 vernacular languages free of cost thereby helping merchants during peak business hours by announcing the amount received from a customer without the merchant having to check the customer’s phone screen, or waiting for a bank message.
Commenting on the milestone, Vivek Lohcheb, Vice President – Offline Business Development, PhonePe said, “We are delighted to emerge as leaders in the UPI merchant transactions. Our continuous focus on reliability and ensuring highest transaction success rates is creating a great amount of trust on the PhonePe platform. That coupled with a superior product experience is leading to customers increasingly preferring PhonePe over other payment apps. Our leadership in the P2M space is due to an expansion of the market with more merchants using our platform in smaller towns.’’
PhonePe is India’s largest digital payments platform with over 280 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. 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 securely on its platform. PhonePe has since launched several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic among others. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 300 apps including Ola, Swiggy, Myntra, IRCTC, Goibibo, RedBus, etc. directly from within the PhonePe mobile app. PhonePe is accepted at over 18 million merchant outlets across 500 cities nationally.
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