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Homegrown digital payments platform PhonePe on Friday announced that it has crossed 350 million lifetime registered users.
The platform’s registered user base has grown 28 per cent from 273 million in January to 350 million in December 2021, it said. PhonePe also reported 150 million monthly active users (MAU) and an annualised total payment value (TPV) of $651 billion in December.
Merchant coverage
PhonePe is among the leading UPI platforms with over 45 per cent market share in terms of the volume of transactions processed in December. It also processed over 500 million transactions at physical stores (including kiranas) in said month. “This was achieved due to the rapid expansion of PhonePe’s merchant coverage spanning 25 million stores spread across 15,700 towns and villages, constituting 99 per cent of pin codes in India,” it said.
Sonika Chandra, Head of Consumer Platform & Payments, PhonePe, said, “We are delighted to cross the 350 million registered users mark and emerge as India’s largest digital payments platform across all core metrics.”
“This phenomenal growth is driven by our technology team’s relentless pursuit of delivering the highest end-to-end transaction success rates in the industry, as well as our offline sales efforts in building the largest merchant acceptance network in India. We will continue to push hard on deepening digital payment adoption and merchant acceptance across India,” said Chandra.
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