Digital payments platform PhonePe on Friday announced that it has crossed 5 billion transactions on its app. Bengaluru-headquartered PhonePe crossed the one-billion transaction milestone in November last year and has grown a phenomenal 5 times in just one year, the company said in a statement.
“Our journey over the last 4 years has been incredible, not just in terms of the growth of the platform, but also in realizing the social impact that payments and financial services can create,” said Sameer Nigam, Founder and CEO, PhonePe.
The digital payments platform has over 175 million registered users in the country. “We believe the MSME sector is the core engine of the Indian economy and there is a need to create compelling solutions for MSMEs to thrive,” he added.
PhonePe is accepted as a payment option across 80 lakh MSMEs in over 215 cities in India and over 56 per cent of its transactions are now driven by users in Tier II and III cities. This year, PhonePe introduced new use cases to make a customer’s experience on its platform more seamless and convenient including ‘Switch’, which does away with the need for downloading multiple apps.
Switch allows customers to seamlessly switch between PhonePe and their favorite food, grocery, shopping and travel apps from within the PhonePe app, with just a single tap. The digital platform also has over 150 million bank accounts linked on its platform. It also has over 56 million saved credit and debit cards on its platform. PhonePe is accepted at more than 80 lakh merchant outlets.
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PhonePe had crossed one billion transaction mark in November 2018. In April 2019, the platform had achieved 2 billion transaction milestone along with 50 million monthly active users. The company had claimed annual run-rate of USD 70 billion on transactions from its platform. It also said 75 percent of transactions on PhonePe are from tier 2-3 cities.
Written with inputs from IANS