PhonePe hits USD $ 1 Trillion Annualised TPV Runrate
The company has also received an in-principle approval for its PA license from the RBI
Bengaluru, March 11th, 2023: PhonePe, India’s leading digital payments platform, today announced that it has hit an annualized TPV (Total payment value) run-rate of USD $1Trillion (Rs.84 Lac Crs). This phenomenal growth is powered by PhonePe’s leadership in the UPI space where it holds over 50% market share by value, with best-in-class payment success rates coupled with strong consumer trust in the platform. The company has successfully digitized over 35 million offline merchants spread across Tier 2,3,4 cities and beyond, covering 99% pin codes in the country. PhonePe is also making significant investments in new business like Insurance and Wealth Management, while also enabling the next wave of growth for UPI payments in India.
Commenting on the milestone Sonika Chandra, Head of Consumer Business at PhonePe said, “We are delighted to reach the USD $1Tn annualized TPV runrate. Our focus on simplifying customer experience while ensuring fast, secure and reliable transactions, has helped us win the trust of millions of Indian users. We look forward to turbo-charging the next wave of growth for UPI payments in India with offerings like UPI lite, UPI international and Credit on UPI, to enable greater financial inclusion for Indians.’’
PhonePe also announced that it has received an in-principle approval for its PA license from the RBI. This approval will allow the company to scale its simplified payment solutions, and enable digital inclusion for millions of small businesses and SMEs in the country.
PhonePe was founded in December 2015 and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With ~45 crore (~450 Million) registered users, one in four Indians are now on PhonePe. The company has also successfully digitized 3.5+ crore (35+ Million) offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform. PhonePe forayed into financial services in 2017, providing users with safe and convenient investing options on its platform. Since then, the company has introduced several Mutual Funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services. PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2022 by Trust Research Advisory (TRA).
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