Digital payments firm PhonePe on Monday said it has crossed 2 billion transaction mark and has achieved annual run-rate of USD 70 billion on transactions from its platform. Also Read - Google Pay will not charge transfer fee from Indian users; Google India clarifiesAlso Read - Google Pay to remove payments on web app, adds fee on instant money transfers
“PhonePe is now accepted across more than 3 million merchants. We have 50 million monthly active users now. With this, we have crossed 2 billion transactions since the time we started operations. […] As of today we have total payments value (gross transaction value) run-rate of USD 70 billion on annual basis,” PhonePe vice-president for strategy and business development Karthik Raghupathy told PTI. Also Read - Google Pay gets a major redesign, can now manage your finances better
Raghupathy also said 75 percent of transactions on PhonePe are from tier 2-3 cities. PhonePe had crossed one billion transaction mark in November 2018. “We had 1 million merchants using PhonePe early this year. Now we have 3 million on board. We expect to reach 6 million merchants in next 2 months,” he added.
Earlier this month, Google Pay reportedly took over as number one player in terms of UPI value transactions in India for March 2019, while rival Paytm remained the leader in terms of transaction volumes. Google Pay clocked payments worth Rs 43,000-Rs 45,000 crore in March. This makes a margin of around 25 percent ahead of PhonePe and Paytm.
Watch Video: Jio Home IoT Solutions (Demo)
On the other hand, both PhonePe and Paytm reportedly managed transactions worth Rs 31,000-32,000 crore each, but the PhonePe was marginally ahead on the second position and Paytm is said to be on 3rd. The total value of transactions on UPI (Unified Payments Interface) is estimated at around Rs 1.3 lakh crore in March 2019. This is over 5 times the value during the same period in 2018, which reportedly saw 178 million transactions worth over Rs 24,000 crore.
Despite losing at transaction value to Google Pay and Flipkart-owned PhonePe, the Vijay Shekhar Sharma company, Paytm, continues to be ahead of both UPI platforms in terms of volumes. As per the report, Google Pay, PhonePe and Paytm, which now process 80-90 percent of UPI transactions, clocked 221-225 million transactions each in March out of the total 800 million.
Written with inputs from PTI