Bangalore, June 1, 2018: Indian digital payments company, PhonePe, India’s has crossed the 100 million user mark. PhonePe also hit the $20Bn annual Total Payment Volume (TPV)runrate in May making it the largest player in terms of transaction value.
The PhonePe platform drives over 70% merchant UPI transactions making it the largest player in market. The average transaction value on the platform varies between Rs.1800-2000 which shows that users are also using the platform for high value transactions. In April 2018 the PhonePe platform saw over 60 million transactions with over 2 million transactions a day. PhonePe aims to reach over 5 million transactions a day by end of the year.
Says Sameer Nigam, CEO and Founder PhonePe: ”It is a very proud day for us. We have crossed the 100Mn user mark in just 21 months. This is the fastest that any Indian start-up has achieved this landmark. We are both humbled by the trust that Indian consumers have placed in us till now, and excited about what the future holds for us.”
In November 2017, PhonePe had launched its own point of sale (PoS) device based on Bluetooth technology for kirana stores, petrol pumps, food chains and other merchants to accelerate the acceptance of digital payments in the offline space. PhonePe intends to install around 1.5 lakh devices in the next quarter.