India’s one of the largest digital payments and financial services company PhonePe processed a record two billion transactions in October 2021, the highest ever in a month for the platform. This includes payments made using the Unified Payments Interface and Bharat Bill Payment System.
The Flipkart-owned company is also a leader in NPCI’s Bharat Bill Pay (BBPS) transactions, clocking a 49% share of August volumes on the platform, as per the latest data.
PhonePe has seen over 145 million monthly active users, $600 billion in annualised total payments value (TPV) and digital transactions from over 19,000 pin codes, constituting more than 99% of the country.
After the first lockdown, PhonePe started gaining further traction and surpassed Google Pay in December 2020 to become the top UPI player in India.
PhonePe Founder & CEO Sameer Nigam said the fact that 80% of the company’s transactions come from Tier II, III cities and beyond, shows that digital payments have truly penetrated across the length and breadth of the country.