Phonepe crossed two Billion transactions in October

Phonepe crossed two Billion transactions in October

PhonePe Digital payments player processed a record two billion transactions in October 2021, the platform's highest ever in a month.

Most of these volumes come from (UPI) unified Payments Interface transactions, where the company is a top leader with a 47 percent share in monthly size. In October, PhonePe recorded 1.93 billion (UPI)Unified Payments Interface transactions, according to the National Payments Corporation of India (NPCI) data.

Sameer Nigam, Founder & CEO, PhonePe said

"Last month was extraordinary for PhonePe, as we processed our highest ever transactions till now, strengthing our position as India's leading payments programme,"

"The fact that 80 percent of our transaction come from Tier II, III cities and beyond that, shows that digital payments have truly penetrated across the length and breadth of the country," he added.

The company said that its leadership in UPI is driving the highest number of merchant transactions and person-to-person. The Flipkart-owned company is also superior in NPCI's Bharat Bill Pay (BBPS) transactions, registering a 49 percent share of August size on the platform, as per the latest available data.

BBPS is a payment ecosystem conceptualized by (RBI) Reserve Bank of India and was set up as a fully-owned subsidiary of the NPCI in 2015. BBPS enables customers to set up recurring payments for electricity, gas, DTH, insurance, loan repayments, FASTag Recharge, post-paid mobile bills, cable, and education fees.

Read More: PhonePe will now charge per transaction on mobile recharges

UPI transactions saw exponential growth after the COVID-19 pandemic, forcing people to stay home and make cashless payments for their daily essentials and online platforms. After the first lockdown, PhonePe started gaining further traction and surpassed Google Pay in December 2020 to become the top UPI player in India.

The company had crossed the one million transactions mark only in February this year. PhonePe has seen over 145 million monthly active users, $600 billion in annualized total payments value (TPV), and digital transactions from over 19,000 pin codes, constituting more than 99 percent of the country.

While the Bengaluru-based company started as a payments platform, it has now expanded into allowing customers to make gold and silver purchases. Its platform has introduced mutual funds (MFs) and insurance products.

PhonePe also said on 2nd November that it had launched a tokenization solution for online debit and credit card transactions called PhonePe SafeCard, joining card companies and payment companies like Visa, Rupay, Razorpay, and PayU in introducing tokenization solutions ahead of the 31st December deadline for the RBI's guidelines for Payment Aggregators (PG) and Payment Gateways (PG).

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