PhonePe crosses 300 million lifetime registered users milestone
PhonePe, India’s largest digital payments platform by both volume and value, today announced that it has crossed the 300 million lifetime registered users milestone. The company reported 125 million monthly active users (MAU) and an annualized TPV run-rate of over USD $390 billion in May ’21. Its merchant network also continues to grow rapidly across India, and now boast of over 20 Mn offline merchants across 11,000 towns and talukas in India.
PhonePe had crossed the 250 Mn registered users mark in November 2020, and has added another 50Mn registered users in less than 6 months. In March’21, PhonePe became the first industry player to process over one billion UPI transactions in a single month and has been clocking over a billion UPI transactions on its platform every month since then.
Talking about the milestone, Sameer Nigam, Founder and CEO at PhonePe said, ”We are delighted to have crossed the 300 million registered user mark and remain grateful for the trust that so many Indians continue to repose in us. The PhonePe app is processing transactions from over 19,000 pin-codes spanning more than 99% of the country. More than 80% of these transactions are being done by users in Tier 2, tier 3, tier 4 cities and beyond, which is testament to the fact that digital payments adoption in Indian is truly inclusive. We will strive to build even simpler, more localized and more intuitive payment solutions to address the needs of every Indian consumer in order to achieve our mission of getting 500Mn Indians to adopt digital payments by 2023.’’
PhonePe is India’s largest digital payments platform with over 300 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of Gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic among others. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 400 apps including Ola, Swiggy, Myntra, IRCTC, Goibibo, RedBus etc. directly from within the PhonePe mobile app. PhonePe is accepted at over 20 million merchant outlets across 11,000 towns and talukas nationally.