PhonePe, India’s leading digital payments platform, on Saturday said it has hit an annual total payment value (TPV) run rate of $1 trillion (Rs 84 lakh crore). It also said the company has digitised over 35 million offline merchants spread across Tier 2, 3 & 4 cities and beyond.
“This phenomenal growth is powered by PhonePe’s leadership in the UPI space where it holds over 50 per cent market share by value, with best-in-class payment success rates coupled with strong consumer trust in the platform,” PhonePe said in a statement.
TPV run rate refers to the total transaction value through the platform in a given time period.
The company has successfully digitised over 35 million offline merchants spread across Tier 2,3,4 cities and beyond, covering 99 per cent PIN codes in the country. PhonePe is also making significant investments in new business like insurance and wealth management, while also enabling the next wave of growth for UPI payments in India.
Sonika Chandra, head (consumer business) at PhonePe, said, “We are delighted to reach the USD $1 trillion annualised TPV runrate. Our focus on simplifying customer experience while ensuring fast, secure and reliable transactions, has helped us win the trust of millions of Indian users. We look forward to turbo-charging the next wave of growth for UPI payments in India with offerings like UPI lite, UPI international and Credit on UPI, to enable greater financial inclusion for Indians.”
PhonePe also announced that it has received an in-principle approval for its payment aggregator (PA) licence from the Reserve Bank of India (RBI). This approval will allow the company to scale its simplified payment solutions, and enable digital inclusion for millions of small businesses and small and medium enterprises (SMEs) in the country.
Recently, PhonePe enabled payments abroad as well, and said all international merchant outlets in the UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR code are supported.
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