• Big milestone reflective of PhonePe’s rapid growth and wide adoption across India
• Ramp-up to 1 Billion transactions has come in 26 months, fastest transactions growth witnessed in the Fintech-Payments space in India
Bengaluru : PhonePe, India’s fastest growing payments platform, recently announced that it had crossed 1 Billion digital payments transactions on its mobile app (by November 16), a crucial milestone that reflects its rapid growth and wide adoption across the country. The company launched its app in Sep 2016, and has processed 1 Billion transactions within just 26 months, making it the fastest pace at which any Fintech-Payments company in India has crossed this milestone to date.
In June 2018, PhonePe crossed 100 million users, and the platform is currently responsible for driving a majority of all merchant UPI (United Payments Interface) transactions in India. PhonePe also hit an annual TPV run rate of $38 Billion last month.
“A Billion transactions is both exciting and humbling, considering the incredible pace at which we have achieved this target and the immense opportunities ahead it presents for us. The growth and adoption of PhonePe has surpassed all our expectations and we thank all our users for helping us achieve this incredible milestone. We’re also grateful to Flipkart, our parent company, for the constant source of support that it has provided us since inception. We would not have been able to scale up our operations this rapidly without their unwavering support,” said Sameer Nigam, Co-founder & CEO, PhonePe.
“Fintech and digital payments is one of the most promising industries in India today, and we’re delighted to see the pace at which PhonePe is growing, as well as the love it enjoys among users. We remain fully committed to supporting PhonePe in its goal to become the most preferred digital payments app in India, while it innovates to solve complex problems and penetrates deeper into India to support financial inclusion,” said Kalyan Krishnamurthy, CEO, Flipkart.
