PhonePe, a Walmart-owned digital payments company, recently announced that it had processed over 100 million transactions in a single day. This incredible achievement results from PhonePe’s engineering team’s dedication and quality, as seen by the industry’s highest end-to-end success rates. Paytm, Google Pay, and Amazon Pay are among the companies that compete with the Bengaluru-based startup. It has a monthly active user base of 165 million people.
PhonePe is India’s top Fintech platform, processing over 2.5 billion transactions each month with an annual TPV run rate of $780 billion. PhonePe’s meteoric rise is due to its rapid adoption in Tier 2 and Tier 3 cities and beyond. Over 19,000 pin codes, or more than 99 percent of the country, have used the app to make digital transactions. This phenomenal growth reflects a strong user preference for the platform, which is backed up with a great product experience.
“This is a big milestone for us and has been achieved by the best-in-class payments success rates and fastest speed of transactions, backed by a superior product experience,” said Rahul Chari, CTO and Co-Founder, PhonePe.
“We use technology to predict the likelihood of success of a transaction based on historical behaviour, which allows us to offer 99.99% system uptime. As we continue to work towards building a payments platform for a billion Indians, I would like to acknowledge the commitment and quality of our tech and engineering teams in our success.”, Chari added.
Last year, PhonePe reported a drop of 44 percent in losses for the financial year 2021 (FY21) on a standalone basis contrasted to the previous fiscal year. According to regulatory filings by the firm, operational damages, excluding the Employee Stock Ownership Plan (ESOP), reached Rs 888 crore in FY21 versus Rs 1,570 crore in FY20.
The organisation witnessed a rise in revenue owing to a significant increase in transactions on the platform as it became the biggest player in UPI payments in FY21. PhonePe’s gross margins grew from 60 percent in FY20 to 84 percent in FY21. It shared with everyone via a tweet in October 2021.