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500 million Transactions of PhonePe completed, Business increased by 5 times

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500 million Transactions of PhonePe completed, Business increased by 5 times

This digital payment platform has 175 million active users across the country. 56% of transactions are currently being done from Tier-2 and Tier-3 cities. About 5.6 crore credit-debit card details have been saved

Digital payment platform PhonePe App has crossed the 500 million transaction mark. The company said that PhonePe had crossed 100 crore transactions in November last year. If seen, the company has set this new record by growing 5 times faster in a year. The company says that 80 lakh shopkeepers of the country are using this platform for transactions.

Sameer Nigam (Founder and CEO, PhonePe) said that our last four years of travel have been amazing, not only in terms of platform growth but also in realizing the social impact that creating payments and financial services Can.

80 lakh shopkeepers of the country are using it ….

  • This digital payment platform has 175 million active users across the country. Regarding this, the corporation said that we feel that the MSME (Ministry of Micro, Small and Medium Enterprises) sector is an important part of the Indian economy and there is a need to create better solutions for them.
  • About 8 million MSME industries in 215 cities of the country have adopted PhonePe as a digital payment option. At the same time 56% of transactions are being done from Tier-2 and Tier-3 cities.
  • The same year the company launched the ‘Switch’ feature to further facilitate the platform. Through this option, customers do not have to download a separate app to go to other platforms.
  • Using the ‘Switch’ feature, users can access their favorite food, grocery, shopping and travel apps through the PhonePe app, that too with a single click.
  • Currently there is 150 million bank account links in the country on PhonePe. About 5.6 crore credit-debit card details have been saved. It is currently being used by 80 lakh shopkeepers of the country.

Bhanu Garg

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