PhonePe announced that it achieved a phenomenal $2.5 Billion total payment volume (TPV) annual runrate. This is the fastest ramp up seen in India’s digital payments market to date. PhonePe’s monthly transactions have grown 800% since December last year, fueled largely by exponential growth in online merchant, mobile recharge and bill payment transactions. The PhonePe mobile app has been downloaded by over 40 million Indians in the past 10 months.
Sameer Nigam, Co-founder & CEO, PhonePe said, “We are excited by the rapid adoption of PhonePe across India. The $2.5 billion TPV milestone further validates that our efforts to make digital payments really easy, safe and universally accepted are starting to bear fruit. We want every Indian - whether urban or rural - to feel comfortable joining the cashless economy.”
PhonePe is a Flipkart company and the fastest growing Fintech player in India. With over 40 million installs, the PhonePe App drives the maximum number of UPI transactions in India. Using PhonePe users can send and receive money, recharge Mobile, DTH, Datacards, make utility payments and shop online and offline.