~Records 100 Mn Monthly active users & 925Mn transactions in October
Bengaluru, NFAPost: PhonePe, India’s largest digital payments platform, announced that it has crossed the 250 million registered user milestone.
According to analysts, this has given PhonePe second position in India’s mobile wallet and digital payment. PhonePe overtook GooglePay to get this second position and below Paytm. The company reported over 100 million monthly active users (MAU) and 2.3 billion app sessions in October 2020.
PhonePe had a record month in October, processing 925 million transactions, its highest so far, with an Annual TPV Run-rate of $277Bn. PhonePe also processed 835Mn UPI transactions in October, for a market leading share of over 40%.
Talking about the milestone, PhonePe CEO and Founder Sameer Nigam said the company is thrilled to have crossed the 250 million user milestone, and are grateful that so many Indians continue to repose their trust in our services.
“We are on a mission to make digital payments a way of life for every Indian citizen, and our next target is to cross 500 million registered users by Dec 2022. In line with our brand ethos of ”KarteJa. BadhteJa”, we continue to launch new & innovative products for every strata of Indian society, as well as enable digital payment acceptance across every merchant in every village and town in India,” said PhonePe CEO and Founder Sameer Nigam.
Digital payments adoption in India has been booming over the last few years and PhonePe has led this adoption for customers across age groups, urban and rural areas, and income levels. This phenomenal growth is driven by the best-in-class payments success rates, fastest speed of transactions and an easy-to-use user interface which the PhonePe app offers.
PhonePe is India’s leading digital payments platform with over 250 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.
The company forayed into financial services in 2017 with the launch of digital gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched Mutual funds and Insurance financial products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic.
Launched its Switch platform in 2018, PhonePe today helps customers to place orders on over 220 apps including Ola, Myntra, IRCTC, Goibibo, RedBus, Oyo etc. directly. PhonePe is accepted at 13 million merchant outlets across 500 cities nationally.