PhonePe on Monday said that it has crossed the milestone of 250 million registered users on its digital payment platform. The firm reported over 100 million Monthly Active Users (MAU) on its platform and 2.3 billion app sessions in October, it said in a statement.
“PhonePe had a record month in October, processing 925 million transactions – its highest so far – with an annual TPV (total payment volume) run rate of USD 277 billion. PhonePe also processed 835 million UPI transactions in October, for a market leading share of over 40 per cent,” the company in a statement added.
PhonePe has also set a target of crossing 500 million registered users by December 2022, said Sameer Nigam, CEO and founder of PhonePe. He said that under the company’s brand ethos of ‘Karte Ja. Badhte Ja’, we continue to launch new and innovative products for every sector of Indian society and enabling digital payment acceptance across every merchant in every village and town in India.
PhonePe and its rivals Paytm, MobiKwik and Google Pay, allows users to send and receive money, recharge mobile and to make utility payments as well as investment facility options. PhonePe had its ‘Switch’ platform which allows customers to olace orders on over 220 apps including Ola, RedBus, IRCTC, Myntra, Goibibo and Oyo. It has also expanded its reach and is now accepted at 13 million merchant outlets across 500 cities in India.