PhonePe crosses 5 billion transactions on the App; Shows a phenomenal 5X year-on-year growth

PhonePe, a digital payments platform announced that it has crossed 5 billion transactions on its app. PhonePe had crossed the 1 Billion transaction milestone in November 2018, and has grown a phenomenal 5x in the last one year.

This landmark has been achieved by PhonePe’s reach and adoption across the country. PhonePe is accepted as a payment option across 80 lakh MSMEs in over 215 cities in India. Over 56% of its transactions are now driven by users in Tier 2 and Tier 3 cities. From recharges to money transfers, bill payments, to buying gold and investing in mutual funds, PhonePe has the widest variety of use cases and has emerged as the preferred payment app across the country. This year, PhonePe also 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. Switch allows customers to seamlessly switch between PhonePe and their favourite food, grocery, shopping and travel apps from within the PhonePe app, with just a single tap. The PhonePe platform features ‘Stores’, which helps customers discover hyperlocal shops in their vicinity. Customers can pay using their preferred payment modes like UPI, Wallet, Credit or Debit Cards at any of these stores.

PhonePe also has 150+ million bank accounts linked on its platform, a testament to the trust that consumers repose in the company. In addition to being the market leader in UPI, PhonePe also has over 56 Mn saved credit & debit cards on its platform.

Commenting on the milestone, Sameer Nigam, Founder & CEO, PhonePe said, “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.”