PhonePe, India’s biggest digital payments platform, revealed today that it has reached a TPV (total payment value) run rate of USD $1 trillion (Rs. 84 lac crores). This exceptional growth is fueled by PhonePe’s leadership in the UPI area, where it owns more than 50% of the market by value, with best-in-class payment success rates and great customer confidence in the platform. The organization has successfully digitized over 35 million offline retailers spanning Tiers 2, 3, 4, and beyond, representing 99% of the country’s pin codes. PhonePe is also investing heavily in new businesses such as insurance and wealth management, as well as allowing the next wave of development for UPI payments in India.
Commenting on the milestone Sonika Chandra, Head of Consumer Business at PhonePe said, “We are delighted to reach the USD $1Tn annualized 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 stated that the RBI has granted it in-principle permission for its PA license. With this license, the firm will be able to grow its simplified payment solutions and promote digital inclusion for millions of small companies and SMEs in the nation.
