Money & Banking

PhonePe maintains market leadership in digital payments

Our Bureau Mumbai | Updated on March 02, 2021

Processes 107 crore transactions across UPI, cards and wallets in February.

PhonePe said it continues to maintain its market leadership with 97 crore UPI transactions processed in February. In all, it processed 107 crore transactions across UPI, cards and wallets last month.

“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,” the company said in a statement.

It attributed its growth to the rapid expansion in offline payments across Tier 2, Tier 3 cities, having already digitised over 17.5 million kiranas.

“The company had previously announced its plans to digitise 25 million kiranas by the end of 2021,” it said.

As many as 229 crore transactions worth ₹4.25 lakh crore were processed through the Unified Payments Interface in February this year, according to data released by the National Payments Corporation of India on March 1.

“I am very proud to report that PhonePe is leading across all core industry metrics - active users, active merchant, total transactions and TPV,” said Sameer Nigam, Founder and CEO, PhonePe.

Published on March 02, 2021

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