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.’’