Increasing Number Of Customers In The Country Are Embracing Digital Financial Services: Phonepe Founder Sameer Nigam
- BySheetal Sidhu | August 27, 2021
Fintech major PhonePe on Thursday said it is processing almost 1.5 billion transactions a month, and about 80 percent of its users are from Tier-II cities and beyond. Speaking at Walmart’s Converge event, PhonePe founder and Chief Executive Officer Sameer Nigam said an increasing number of customers in the country are embracing digital financial services. “I think this is about as exciting a pedestal we could have hoped to be five years into the company. We are now processing almost a billion and a half transactions a month. But what’s most exciting about the whole thing right now is that 80 percent of all these users are Tier-II and beyond,” Nigam said.
The executive said the company has about 20 million merchants on the platform and 16 million of them are from Tier-II towns and beyond. “So, where people had to travel more to pay their bills, where people were sending money to villages and small towns, all of that is happening on the phone. In 2015, there were about 100-120 million people participating in the ecommerce economy, which of course has grown. Payments are already about 3.5 times that in five years. I think that’s a stupendous story,” he added. “Our payments success rate is a classic example…We still continue to plug away in trying to make transactions faster and to ensure that the failure rate is still lower and lower and lower. So, incremental improvements at scale actually are significantly underrated,” he said.
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