PhonePe registers 925 million transactions through 250 million users

PhonePe like its competitors, allows users to exchange money and recharge mobile. It also provides services like utility payments and market investment. The app has launched a ‘Switch’ platform which allows customers to make payments for apps like Ola, IRCTC, and Oyo.

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A statement issued by PhonePe on Monday claims that the platform has registered more than 250 million users. It reported 100 million active users and 2.3 billion app sessions in the month of October alone.

Additionally, the statement stated, “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 percent.”

The company has set a target of crossing 500 million registered users by December 2022, said Samer Nigam, CEO, and founder of PhonePe.

The CEO added, “In line with our brand ethos of ‘Karte Ja, Badhte Ja’, we continue to launch new and innovative products for every stratum of Indian society, as well as enable digital payment acceptance across every merchant in every village and town in India.”

PhonePe like its competitors, allows users to exchange money and recharge mobile. It also provides services like utility payments and market investment. The app has launched a ‘Switch’ platform which allows customers to make payments for apps like Ola, IRCTC, and Oyo.

PhonePe now runs in 13 million outlets across 500 cities.

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