PhonePe Crosses Five Billion Transactions On Its App

Phonepe

PhonePe is a leading payment software that provides multiple features at your fingertips such as bill payments, UPI purchases, charges, etc. In addition, it also extends its support to various third-party applications such as Zomato & Flipkart to make payments simple and trouble-free.

The Bengaluru-based announced on Friday that in November last year, PhonePe reached the one-billionth transaction milestone. According to the latest reports from the company, the app showed a five-fold increase in the number of transactions in just one year, resulting in a massive growth in the overall customer base.

Sameer Nigam, PhonePe’s founder and CEO, said: “Our journey over the past four years has been incredible, not only in terms of platform growth, but also in terms of realizing the social impact that payments and financial services can have.”

PhonePe is one of India’s digital payment platforms with more than 175 million registered users and more than 56% of Phone’s transaction. It is now accepted as a payment option for 80 lakh MSMEs and users in Tier II and III cities, all thanks to its growth. In addition, through this platform, more than 80 lakhs merchant outlets also accept payments.

With more than 150 million bank accounts connected to its user over 56 million credit & debit cards, it has become a major player in digital payments.

The app has a new feature called’ Turn’ a few days ago that can be used to make the whole system more user-friendly and easy. This function also makes the users more accessible by supplying its platform of numerous other services. This feature enables users to switch from within the app with just one tap between PhonePe and their favorite food, grocery, shopping and travel apps.

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