PhonePe 5 Billion Transaction Milestone on Its Digital Payments Platform

PhonePe 5 Billion Transaction Milestone On Its Digital Payments Platform
PhonePe 5 Billion Transaction Milestone on Its Digital Payments Platform

Digital payments platform PhonePe 5 Billion Transaction Milestone on its app. The 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. The digital payments platform has over 175 million registered users in the country. PhonePe is accepted as a payment option across 80 lakh MSMEs in over 215 cities in India and over 56 percent of its transactions are now driven by users in Tier II and III cities.

“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.

“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. 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.

A 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 to 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.