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During July to September 2021, PhonePe saw 33.6 per cent growth in transactions from the previous quarter at 526.5 crore, while the value of transactions grew 23.3 per cent to ₹9,21,674 crore.
According to the Q3 (July-September) 2021 data released on PhonePe Pulse — an interactive website with digital payment data, insights and trends in India — money transfers with UPI and merchant payments clocked 221 crore and 231 crore transactions, respectively. Further, offline merchant payments grew faster than online, 65 per cent higher than the previous quarter, marking a period of recovery after the second wave of the pandemic and the rapid reopening of stores.
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As many as 720 of the country’s 726 districts registered a growth in digital transactions by volume. The number of registered users grew from 30.5 crore to 32.8 crore.
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Karthik Raghupathy, Head of Strategy and Investor Relations at PhonePe, said, “When we launched PhonePe Pulse, we committed to publishing data periodically, and we are delighted to share the insights from the first Pulse data refresh. The rapid growth we are seeing quarter-on-quarter is a strong indicator that digital payments are penetrating across the length and breadth of the country. It is going to be an exciting next quarter with the festivities and the holiday season; we are already looking forward to interesting insights and trends from Q4 2021.”
Launched in September 2021, PhonePe Pulse showcases more than 2,000 crore transactions by consumers on an interactive map of India.
PhonePe says it has over 32.5 crore registered users, who can send and receive money, recharge mobile phones, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe ventured into financial services in 2017 with the launch of its Gold platform for buying 24-karat gold. It has since launched mutual funds and insurance products like tax-saving funds, liquid funds, international travel insurance, life insurance, and insurance for the Covid-19 pandemic, among others. PhonePe is accepted at over 2.2 crore merchant outlets across India.
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