PhonePe sees 100% Month over Month Growth
PhonePe emerges as the largest player on UPI transactions for merchants
Bangalore, June 7th, 2017: PhonePe, India’s fastest growing Digital Payments company, today announced that it saw 100% growth in May, and processed 5.5 Million transactions. UPI transactions crossed 3.5 Million, contributing to 70% of PhonePe’s overall transactions. PhonePe is also clearly leading the charge on merchant transactions on the UPI network.
Talking about the progress, PhonePe CEO Sameer Nigam says, “Our total merchant transactions grew 400% by value in May on the back of a highly successful Big 10 sale on Flipkart, making us the largest contributor to UPI merchant transactions, ahead of BHIM and all other UPI based apps.“
With over 100 billers on the app, PhonePe has rapidly expanded its coverage in the DTH, Utility and Insurance categories. PhonePe is also becoming the default payment mode of choice on leading shopping apps like Flipkart, Myntra and Jabong where customers love the convenience of using a mix of UPI, wallet, Credit and Debit cards to make payments. PhonePe allows customers of over 50 banks to pay instantly and seamlessly using UPI.
Says Co-Founder and CTO PhonePe, Rahul Chari “We have clearly emerged as the leader in driving merchant adoption for UPI in India. We processed millions of merchant transactions over the UPI network last month, but our systems did not show any signs of stress. At the peak, UPI itself saw a surge of 30 transactions per second during the BIG 10 sale. This is a testimony to our fantastic engineering talent and robust integration capabilities. I also want to congratulate and thank the YES BANK engineering team which worked equally hard to scale their end of the UPI infrastructure, without which we would not be able to accomplish this milestone.“
Adds Ritesh Pai, Chief Digital Officer, YES BANK, “YES BANK has built an industry leading UPI platform and partnered with multiple leading companies to further the UPI ecosystem. We are delighted to see PhonePe grow from strength to strength and our partnership with them continues to be the biggest success stories of the year. We are clearly emerging as the payment platform of choice for the Digital Indian when it comes to their banking needs and enabling the vision of a ‘less-cash’ Indian economy.”
PhonePe is a Flipkart company and India’s fastest growing Digital Payments company. With over 25 million installs, the PhonePe App drive the maximum number of UPI transactions in India. Using PhonePe you can send and receive money, recharge your Mobile, DTH, Datacards, make utility payments and shop online and offline.
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