PhonePe emerges as largest player on UPI merchant transactions
- IBEF
- March 18, 2021
PhonePe, a digital payments platform, reported on Wednesday that it has emerged as the dominant player in UPI merchant (P2M) transactions, accounting for more than 42% of the total market share. PhonePe recently became the biggest digital payments platform, recording > 107 crore transactions via UPI, wallet, credit and debit cards.
The company attributed the growth to widespread adoption in tier 4, 5, and 6 towns in addition to districts, as well as a strong focus on driving merchant acceptance in these areas.
Mr. Vivek Lohcheb, Vice President for company's offline business development stated that the company’s consistent focus on dependability and securing the highest transaction success rates is establishing a high level of trust on the PhonePe platform. “This, taken in conjunction with a quality product experience, is driving customers to adopt PhonePe over other payment apps," he added.
PhonePe is accepted in 1.8 crore kiranas across the country, and the company has assembled a 50,000-strong field force to boost the vendor acceptance network. It also provides free voice notifications in 11 native languages, allowing merchants to confirm the amount received from a user without having to check the customer's phone screen or wait for a bank message during rush hours.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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