- The total payment volume of PhonePe has grown nearly 5 times in the past year, since crossing the $20 billion mark in June 2018.
- Indian Digital Payment is expected to rise fivefold to reach $1 trillion by 2023.
PhonePe the digital payments firms which is owned by Walmart on Friday said that it has recorded an annual ‘Total Payment Volume’ (TPV) of $95 billion while recording 335 million transactions in July. This record puts PhonePe among the top digital payments companies in the country which includes SoftBank-backed Paytm and Google Pay
The total payment volume of the platform has grown nearly 5 times in the past year, since crossing the $20 billion mark in June 2018. The company said that growth came on the back of the exponential expansion of its merchant network both online and offline.
“We are thrilled by the rapid adoption of PhonePe services across India. Last month alone, the PhonePe app was used by 60 million users,” said Sameer Nigam, chief executive and founder of PhonePe. “This means one out of every 15 Indian adults used the PhonePe app in July. This is both very exciting and very humbling for our company which launched less than 3 years ago,” said Nigam.
The company crossed the milestone at a time when it got Rs. 697.69 crore from its parent company in Singapore called PhonePe Pvt Ltd (Singapore), earlier known as Flipkart Payments Pvt Ltd.
With more than 150 million users, the Bengaluru based company said their app has the most number of merchant Unified Payments Interface (UPI) transactions in India. It is used across 5 million merchant outlets nationally. PhonePe launched its own Apps platform with exciting offers in collaboration with ride-hailing firm Ola, Indian Railway Catering, bus ticketing platform RedBus, Hotel Network OYO, Delhi Metro, Food Company Faasos where you can do the transaction directly within the PhonePe Mobile App.
The mobile app is available in over 11 Indian languages. Using the mobile app, users can send and receive money, DTH, recharge mobile, data cards, make utility payments, buy gold and shop online and offline.
It was also awarded as the ‘Best Digital Wallet’ initiative at the 8th Annual Indian Retail & eRetail Awards 2019 organized by Zee Business and The Economic Times.
It was founded in December 2015, by Sameer Nigam, Rahul Chari, and Burzin Engineer. PhonePe app went live in August 2016 and was the first payment app built on Unified Payments Interface(UPI).
Indian Digital Payment is expected to rise fivefold to reach $1 trillion by 2023 and it will be pioneered by mobile payments. PhonePe along with its rivals Paytm, Google Pay and Amazon Pay are targetting the Indian Digital Payment Space.