PhonePe hits 5 billion transactions

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Lucknow, 18 Dec

PhonePe, India’s leading digital payments platform, has crossed 5 billion transactions on its app while clocking 5x growth over last year.

PhonePe is accepted as a payment option for nearly eight million Micro, Small and Medium Enterprises (MSME) across 215 cities in India. Now, 56% of its transactions are driven by users in tier 2 and 3 cities, a PhonePe press communiqué said today.

From recharges to money transfers, bill payments, to buying gold and investing in mutual funds, PhonePe offers the widest variety of use cases and has emerged as the preferred payment app.

It also has 150+ million bank accounts linked on its platform. In addition to being the market leader in UPI, PhonePe has over 56 million saved credit & debit cards on its platform.

“We are delighted to reach this milestone and are thankful to our customers and merchant partners for reposing their trust in us. 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. In particular, 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. We will continue working on solutions that provide best-in-class experience to consumers and merchants alike.” Bengaluru headquartered PhonePe founder and CEO Sameer Nigam said.

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