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Homegrown digital payments platform PhonePe on Wednesday announced that it has processed over two billion transactions on its platform in October 2021.
The platform had crossed the one billion monthly transaction mark in February this year, and has now hit the two billion milestone in eight months.
It’s significant growth comes on the back of rapid traction across Tier II, Tier III cities and beyond, it said. PhonePe said that it has seen over 145 million monthly active users, $600 billion annualised total payments value (TPV) and digital transactions from over 19000 pin codes.
Sameer Nigam, Founder and CEO, PhonePe said, “Last month was phenomenal for PhonePe, as we processed our highest ever transactions till date, cementing our position as India’s leading payments platform.”
“The fact that 80 per cent of our transactions come from Tier II, Tier III cities and beyond, show that digital payments have truly penetrated across the length and breadth of the country. We will continue to build the most preferred digital payments and financial services destination for a billion plus Indians while transforming lives positively,” added Nigam.
The platform has crossed this milestones as digital payments continue to gain traction.
Amidst festival season sales and opening up of the economy, Unified Payments Interface (UPI) transactions touched a record high at ₹7.71 lakh crore in value terms in October. This marked a new record for UPI, which is fast becoming the most popular choice for digital payments.
It was a 56 per cent jump from ₹6.54 lakh crore in transaction value recorded in September.
According to data recently released by National Payments Corporation of India, the number of transactions on the UPI platform amounted to 421 crore in October, compared to 365 crore in September.
PhonePe and Google Pay continue to maintain their lead as the most popular UPI payment apps, with the two apps enjoying market shares of 44 per cent and 35 per cent, respectively, in the first six months of 2021, according to a recent 2021 India Mobile Payments Market report. Together, the two apps handled more than 12 billion transactions worth $338 billion, as per the report.
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