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PhonePe Crosses Five Billion Transactions On Its App

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PhonePe is a leading payments app offering many features like bill payments, UPI transactions, Recharges, etc. at fingertips. Apart from these, it also extends its support to various third-party apps like Zomato & Flipkart to make payments easy and hassle-free.

On Friday, the Bengaluru-based announced that PhonePe crossed the one-billionth transaction milestone in November, last year. As per the company’s latest reports, in just one year, the app has shown a five-fold growth in the number of transactions, which has led to a massive growth in its overall customer base.

Sameer Nigam, Founder and CEO of PhonePe quoted: “Our journey over the last four years has been incredible, not just in terms of the growth of the platform, but also in realising the social impact that payments and financial services can create”.

PhonePe is one of the digital payment platforms available in India with over 175 million registered users, and over 56 per cent of its transaction done on Phone. All thanks to its growth, it is now accepted as a payment option across 80 lakh MSMEs and users in Tier II and III cities. Adding to this, more than 80 lakhs merchant outlets also accept payments through this platform.

With over 150 million bank accounts linked on its platform more than 56 million credit & debit cards linked to its platform, it has become a big player in the field of digital payments.

A few days back, the app has got a new feature called ‘Switch’ which can be used to make the whole experience more seamless and convenient for the users. This feature also makes the platform more convenient by bringing various other services to its platform. This feature allows users to switch between PhonePe and their favourite food, grocery, shopping and travel apps from within the app with just a tap.

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