PhonePe Crosses 5 Billion Transactions, Grows 5X in One Year - faydoely1954

Digital payments platform PhonePe on Friday announced that it has crossed 5 billion transactions on its app. Bengaluru-headquartered PhonePe crossed the one-billion transaction milepost in November last year and has grown a physical process 5 times in just 1 year, the company same in a instruction.

"Our journey o'er the last 4 days has been incredible, not just in terms of the development of the platform, simply also in realizing the multiethnic impact that payments and financial services can create," said Sameer Nigam, Founder and CEO, PhonePe.

The digital payments platform has over 175 trillion recorded users in the country. "We trust the MSME sphere is the core group locomotive engine of the Indian economy and there is a need to create compelling solutions for MSMEs to thrive," he added.

PhonePe is unchallenged atomic number 3 a payment choice across 80 lakh MSMEs in over 215 cities in India and ended 56 per cent of its transactions are now driven by users in Tier II and III cities.

This yr, PhonePe introduced new use cases to make a customer's experience on its platform more seamless and convenient including 'Switch', which does inaccurate with the pauperization for downloading twofold apps. Switch allows customers to seamlessly switch between PhonePe and their ducky food, grocery, shopping and go by apps from within the PhonePe app, with just a single tap.

The digital political platform as wel has over 150 million bank accounts linked on its platform. Information technology likewise has over 56 million saved credit and debit cards on its platform. PhonePe is accepted at many than 80 100000 merchant outlets.