PhonePe logs total payment value of $651 billion, claims 1 in 4 people use app
- ByTejika Bajaj | January 8, 2022
Digital payments app PhonePe has recently revealed that it has registered a total payment value of $651 billion in December and has further reported a total of 150 million monthly active users.
The company has also made a statement suggesting that PhonePe has crossed 350 million lifetime registered users, which implies that one in every four Indians is now a user of the fintech giant. Subsequently, the total registered user base of the startup has grown by 28 per cent from 273 million in January to 350 million in December.
The fintech startup has also stated that the number of transactions processed by it over physical stores exceeded 500 million. This was a result of the rapid expansion of PhonePe’s merchant covering spanning across 25 million stores and spread around 15,700 towns and villages, thus constituting 99 per cent of the pin codes in India.
Expressing her views on the recent figures, the Head of Consumer Platform and Payments at PhonePe, Sonika Chandra said, “We are delighted to cross the 350-million registered users mark, and emerge as India’s largest digital payments platform across all core metrics. This phenomenal growth is driven by its technology team’s relentless pursuit of delivering the highest end-to-end transaction success rates in the industry, as well as its offline sales efforts in building the largest merchant acceptance network in India. We will continue to push hard on deepening digital payment adoption and merchant acceptance across India.”
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