PhonePe leads the digital payments market again
Processes over 970 million UPI transactions in February
National, March 2nd, 2021: PhonePe, India’s leading digital payments platform today announced that it continues to be the digital payments market leader in February, processing over 970 Million UPI transactions, and over 1.07 Billion total transactions across UPI, Cards and Wallets . PhonePe’s remarkable growth is an indication of strong user preference on the back of the highest end-to-end success rates on UPI payments, and its superior product experience.
PhonePe processed more than a billion transactions for the third consecutive month in February, and continues to lead the digital payments market across UPI, credit and debit card and wallets in India. PhonePe’s phenomenal growth has come on the back of the rapid expansion it has seen in offline payments across Tier 2, Tier 3 cities, having already digitized over 17.5 million kiranas. The company had previously announced its plans to digitize 25 million kiranas by the end of 2021.
Commenting on the announcement, Sameer Nigam, Founder & CEO, PhonePe said, “We are delighted to retain our pole position as the top digital payments platform in the country. I am very proud to report that PhonePe is leading across all core industry metrics – active users, active merchant, total transactions & TPV. We will continue to transform lives positively, while building simple, scalable and innovative products for every Indian.’’
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 17.5 million merchant outlets across 500 cities nationally.
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