PhonePe, today announced that it has achieved two significant milestones. The company has become the first digital payments app to successfully enable linkage of two lakh Rupay credit cards to the Unified Payments Interface. In addition, PhonePe has also processed a Total Payment Value (TPV) of Rs.150 crore via Rupay Credit on UPI.
PhonePe aims to offer a comprehensive suite of solutions for Rupay Credit on UPI in partnership with NPCI to popularize its usage among customers and merchants alike. The company has already enabled the acceptance of Rupay Credit Cards on UPI across 12 million merchant outlets in the country, achieving the highest merchant penetration in the ecosystem. This widespread acceptance has ensured that customers have ample opportunities to utilize their Rupay credit cards for transactions through UPI. On the consumer side, PhonePe is driving the adoption through seamless and intuitive nudges on the PhonePe App. These contextual communications are encouraging customers to adopt Rupay credit cards through UPI as their preferred payment option. Moving forward, PhonePe will continue to collaborate closely with NPCI to scale the Rupay Credit penetration in the country through enhanced functionalities.
Speaking on the milestone, Sonika Chandra, Vice President Consumer Platform and Payments at PhonePe said, “We are thrilled to become the first payments app to link two lakh Rupay credit cards to UPI. We believe that Rupay cards on UPI will revolutionize the access and use of credit in the ecosystem, and we are committed to offering comprehensive solutions that cater to the evolving needs of our customers and merchants. Similar to any other credit instrument, MDR is applicable for Rupay on UPI and our merchant partners are enthusiastically adopting and driving the use of Rupay among customers.”
PhonePe was founded in December 2015 and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 46+ crore (460+ Million) registered users, one in four Indians are now on PhonePe. The company has also successfully digitized 3.5+ crore (35+ Million) offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform. PhonePe forayed into financial services in 2017, providing users with safe and convenient investing options on its platform. Since then, the company has introduced several Mutual Funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services. PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2022 by Trust Research Advisory (TRA).