PhonePe, a fintech platform, reported an annualised total payment value of $651 billion in December from a user base of 150 million monthly active users on Friday.
According to a statement, the company has signed up 350 million users so far, implying that one in every four Indians now uses PhonePe. Over the last year, the registered user base has increased by 28%, from 273 million in January 2021 to 350 million in December 2021.
“We are delighted to cross the 350-million registered users mark, and emerge as India’s largest digital payments platform across all core metrics,” Sonika Chandra, PhonePe’s head of consumer platform and payments, said in the statement.
This “phenomenal growth”, she said, was driven by PhonePe’s technology team and its 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,” she said.
PhonePe also stated that in December 2021, it will have processed over 500 million transactions at physical stores (including kiranas). According to the statement, this was accomplished due to the rapid expansion of PhonePe’s merchant coverage, which now includes 25 million stores spread across 15,700 towns and villages, accounting for 99 percent of India’s pin codes.
PhonePe entered the financial services market in 2017 and has since launched several mutual funds and insurance products, including tax-saving funds, liquid funds, international travel insurance, life insurance, and insurance for the Covid-19 pandemic, among others. PhonePe is also accepted at over 25 million merchant locations in India.
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