PhonePe hits 250 million user mark, registers 925 million transactions in October

On Monday, Flipkart-owned PhonePe fintech platform said it had crossed the 250 million registered user milestone.

More than 100 million monthly active users (MAU) and 2.3 billion app sessions were registered by the company in October, a statement said.

In October, PhonePe had a record month, handling 925 million transactions with an annual TPV (total payment volume) run rate of US$ 277 billion, its highest so far. In October, 835 million UPI transactions were also processed by PhonePe, for a market leading share of over 40%,” it added.

Mr. Sameer Nigam, PhonePe’s CEO and founder said the company has set a target of 500 million registered users by December 2022.

“In line with our "Karte Ja. Badhte Ja" brand ethos, we continue to launch new and ground-breaking products for every layer of Indian society, as well as enabling digital payment acceptance across every merchant in every Indian village and city,” he added.

PhonePe, which competes with Paytm, MobiKwik and Google Pay, enables users to send and receive money, recharge mobile phones, and make payments for services, purchase gold and make investments.

The "Switch" platform was also introduced to allow customers to place orders on >220 apps, including Ola, Myntra, IRCTC, Goibibo, RedBus and Oyo.

PhonePe is accepted across 500 cities nationwide at 13 million merchant outlets.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.