PhonePe Payment Gateway hits Annualized TPV runrate of $1 billion within 3 months of launch
National, March 15th, 2023: PhonePe, India’s leading fintech platform today, announced that it has hit an annualized TPV runrate of $1 Bn for its payment gateway business, within just three months of launch. This phenomenal growth is driven on the back of a robust, 100% secure, reliable, and seamless platform that enables a lightning-fast, dynamic real-time online payment experience for customers, merchant partners, and businesses.
Speaking on this milestone, Ankit Gaur, Director – Online Merchants at PhonePe said, “The PhonePe payment gateway is a result of our combined efforts to build simplified payment flows and enable digital inclusion for consumers and merchants alike. Our solution comes with effortless integration, digital self-onboarding and KYC verification for merchants, and a seamless checkout experience for customers. This in turn is making the PhonePe payment gateway a preferred choice among businesses and MSMEs across the country. Reaching the annualized TPV runrate of $1 Bn for our payment gateway business within just 3 months of launch is a testimony to the true potential of our offering.”
PhonePe is already a market leader in UPI with over 48% market share. The company’s ability to handle large-scale transactions and the strong consumer trust in the platform, have translated into PhonePe launching its payment gateway business to provide the best-in-class payment experience to consumers and merchants alike.
The PhonePe payment gateway is reliable and ensures 100% uptime for merchants and comes with industry-best success rates. It proactively detects downtimes, and blocks transactions that have a low chance of success with real-time instrument health tracking capability. The PhonePe payment gateway is also preferred by merchants as it comes with a hassle-free, no-code setup for effortless integration across all platforms. PhonePe helps its merchant partners and businesses to accept online payments across Android, iOS, mobile web, and desktop.
For consumers, the benefits include a lightning-fast checkout experience and support for multiple payment modes such as debit and credit cards (Visa, Mastercard), Net banking, and UPI from all the major banks in the country. The payment gateway also has Pay on Delivery to enable digital payments for COD orders, Auto-Pay as a one-click subscription solution, and the Dynamic QR for an intuitive scan & pay experience. The company is working on adding more payment options to offer consumers more choices as they pay digitally.
The PhonePe payment gateway is in compliance with RBI Laws to securely store customers’ tokenized cards in the PhonePe Card Vault after taking consumer consent.
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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