PhonePe, India’s largest digital payments platform, today announced that it has crossed the 250 million registered user milestone. The company reported over 100 million monthly active users (MAU) and 2.3 billion app sessions in October 2020.
PhonePe had a record month in October, processing 925 million transactions, its highest so far, with an Annual TPV Run rate of $277 Billion. PhonePe also processed 835 Million UPI transactions in October, for a market-leading share of over 40%.
Talking about the milestone, Sameer Nigam, CEO and Founder of PhonePe said, ”We are thrilled to have crossed the 250 million user milestone, and are grateful that so many Indians continue to repose their trust in our services. We are on a mission to make digital payments a way of life for every Indian citizen, and our next target is to cross 500 million registered users by Dec 2022. In line with our brand ethos of ”Karte Ja. Badhte Ja”, we continue to launch new & innovative products for every stratum of Indian society, as well as enable digital payment acceptance across every merchant in every village and town in India.’’
Digital payments adoption in India has been booming over the last few years and PhonePe has led this adoption for customers across age groups, urban and rural areas, and income levels. This phenomenal growth is driven by the best-in-class payments success rates, the fastest speed of transactions and an easy-to-use user interface which the PhonePe app offers.