PhonePe Has Crossed The 2 Billion Transactions Mark With 50 Million Monthly Active Users

On Monday, digital payment company PhonePe announced that it had crossed the mark of 2 billion transactions and the annual run-rate on transactions occurring on its platform has reached $700 billion.

Talking to PTI, Karthik Raghupathy, VP for strategy and business development at PhonePe said the company’s service now covers over 3 million merchants with the number of monthly active users of 50 million. The VP said using this, over 2 billion transactions have been created since the operation began; and today, the total value of all payments is $70 billion each year.

PhonePe

Also according to Raghupathy, tier 2-3 cities make up 75 percent of total transactions happening on PhonePe. In November last year, the company crossed the mark of one billion transactions.

Reports say that earlier this month, Google Pay became the top player regarding the UPI value transactions as of March 2019 in India. Meanwhile, Paytm was still at the top regarding the number of transactions. Just in March, Google Pay registered payment values of Rs 43,000 – Rs 45,000 crore, which means its margin is about 25 percent higher than that of Paytm and PhonePe.

Google Pay

Paytm and PhonePe, on the other hand, each registered transaction values of Rs 31,000 – Rs 32,000 crore. However, while PhonePe took second place in terms of margin, Paytm occupied third place. In March, the value of UPI transactions registered a total of 1.3 lakh crore. This figure is more than five times that of the same period of last year, which was 178 million with a total value of Rs 24,000 crore.

Despite standing at the third place regarding transaction values, Paytm remains at the top regarding volumes, ahead of the other two payment services. According to the report, PhonePe and Google Pay now process about 80 to 90 percent of total UPI transactions, registering 225 and 221 million transactions in March, respectively, in a total of 800 million transactions.