Flipkart owned UPI app PhonePe claims to have processed over 1 Mn daily transactions worth over $15.4 Mn (INR 100 Cr) every day in November. Also, the app has achieved a total Payments Volume (TPV) annual run rate of $6.1 Bn (INR 40K Cr) within 14 months of its launch. The company is targeting to double this metric by March 2018.
The revelation came on heels of a recent announcement from NPCI, which notified that UPI apps hit a record high of 105 Mn transactions in November 2017, a 38% jump from 76.8 Mn transactions in October. According to the report, the value of transactions reached $1.5 Bn (INR 9,679 Cr) in November, compared to $1.07 Bn (INR 7,028 Cr) in the month prior to that.
The major contributors to this growth are said to be Google’s digital payment app Tez, PhonePe and the government-owned BHIM app.
The PhonePe team further announced that the monthly transactions on the app have grown 8200% since November last year, driven by exponential growth in its online merchant, bill payment and peer to peer transactions. As claimed, the PhonePe mobile app has been downloaded by over 55 million Indians so far.
Sameer Nigam, Co-founder & CEO, PhonePe said, “We believe India is on the cusp of a major digital payments revolution, and PhonePe has been an important catalyst driving this change across the country. In line with the national agenda of Digital India, we are constantly innovating to bring more use cases to our platform and becoming the one-stop payments solution for all our customer needs.”
PhonePe: Leading the UPI Charts With A 360 Degree Approach
PhonePe is run by Phonepe Private Limited (Formerly known as FX Mart Pvt Ltd) and was acquired by Flipkart even before the product launched officially. It is licensed by the Reserve Bank of India for issuance and operation of a Semi-Closed Prepaid Payment system.