Digital payments platform is on the rise in India and PhonePe on Friday announced that it has crossed five billion transactions on its app. “Our journey over the last 4 years has been incredible, not just in terms of the growth of the platform, but also in realising the social impact that payments and financial services can create,” said Sameer Nigam, Founder and CEO, PhonePe.
At the time of filing this story, the digital payments platform has over 175 million registered users in the country.
“We believe the MSME sector is the core engine of the Indian economy and there is a need to create compelling solutions for MSMEs to thrive,” Nigam further added.
PhonePe has been a huge success and it is accepted as a payment option across 80 lakh MSMEs in over 215 cities all across the country. Also, over 56 per cent of its transactions are done by users in Tier II and III cities. Recently, the app introduced new use cases to make a customer’s experience on its platform even more seamless and convenient when it added the ‘Switch’. With this, the user does not have to download multiple apps and they can easily toggle between PhonePe and their favourite food, grocery, shopping and travel apps from within the PhonePe app.
Not only this, the payments has over 150 million bank accounts which are linked on its platform and there are over 56 million saved credit and debit cards on its platform. This mode of payment is accepted at more than 80 lakhs merchant outlets.
Back in 2016, Flipkart acquired PhonePe and ever since the it has seen a upward growth as it has been able to integrate 25 large digital apps which include Goibibo and OYO.