Money & Banking

PhonePe records 100 million transactions in a single day

BL Mumbai Bureau | Updated on: Apr 13, 2022

Traction in tier-2 and tier-3 gives the payment platform a leg-up

Digital payments platform PhonePe on Wednesday announced that it has processed more than 100 million transactions in a single day. 

PhonePe currently processes over 2.5 billion transactions a month at an Annual TPV run rate of $780 billion. It has 165 million monthly active users. PhonePe’s growth comes on the back of rapid traction across Tier-2 and Tier-3 cities and beyond, it said. 

The app has seen digital transactions from over 19,000 pin codes, constituting more than 99 per cent of the country. 

Rahul Chari, CTO and Co-Founder, PhonePe said, “This is a big milestone for us. We use technology to predict the likelihood of success of a transaction based on historical behavior, which allows us to  offer 99.99 per cent system uptime. As we continue to work towards building a payments platform for a billion Indians, I would like to acknowledge the commitment and quality of our tech and engineering teams in our success.’’

Published on April 13, 2022
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