PhonePe, India’s leading digital payments platform, said on Saturday that it has reached an annual total payment value (TPV) of $1 trillion (Rs 84 lakh crore). It also said the company has digitized more than 35 million offline merchants across Tier 2, 3 & 4 cities and beyond.
“This phenomenal growth is enabled by PhonePe’s leadership in the UPI space, where it has a market share of more than 50 percent by value, with best-in-class payment success rates coupled with strong consumer confidence in the platform,” said PhonePe in a statement.
The TPV run rate refers to the total transaction value through the platform in a given period.
The company has successfully digitized more than 35 million offline merchants across Tier 2,3,4 cities and beyond, using 99 percent of PINs in the country. PhonePe is also investing significantly in new business such as insurance and asset management, while also enabling the next wave of growth for UPI payments in India.
Sonika Chandra, Head (Consumer Affairs) at PhonePe, said: “We are delighted to have reached USD $1 trillion annualized TPV run rate. Our focus on simplifying the customer experience and ensuring fast, secure and reliable transactions helped us gain the trust of millions of Indian users. We look forward to boosting the next wave of growth for UPI payments in India with offerings such as UPI lite, UPI international and Credit on UPI to enable greater financial inclusion for Indians to make.”
PhonePe also announced that it has received approval in principle for its payment aggregator (PA) license from the Reserve Bank of India (RBI). This approval allows the company to scale its simplified payment solutions and enable digital inclusion for millions of small businesses and small and medium-sized enterprises (SMEs) in the country.
Recently, PhonePe also enabled payments abroad and said that all international outlets in UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR code are supported.
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