PhonePe breaches 5 Bn monthly UPI transactions for first time

- Advertisement -

In October, PhonePe, the digital payments platform, achieved a significant milestone by surpassing 5 billion transactions through the unified payments interface (UPI) for the first time. During the same month, UPI recorded a total of 11 billion transactions amounting to Rs 17.16 trillion, with PhonePe contributing nearly 47% of the total transaction volume. According to data from the National Payments Corporation of India (NPCI), PhonePe, led by Sameer Nigam, recorded a value of Rs 8.38 trillion, or Rs 838,371.70 crore. In the preceding months of September and August, PhonePe had registered 4.97 billion and 4.98 billion transactions, respectively.

Following PhonePe, Google Pay secured the second position with 4.13 billion transactions valued at Rs 5.89 trillion, while Paytm ranked third with 1.41 billion transactions worth Rs 1.67 trillion.

PhonePe has consistently led the UPI ecosystem for the past three years, surpassing Google Pay in November 2020 and maintaining its top position in terms of UPI transactions since then. The platform also boasts the highest number of users, with 50 crore (500 million) registered users and over 3.7 crore (37 million) merchants. In comparison, Google Pay reported 150 million users across 40 countries, including India, in April.

- Advertisement -

Beyond payments, PhonePe has expanded its services to include insurance, mutual funds, stockbroking, and lending. In August, the platform entered the stock broking sector with Share(dot)Market under its subsidiary PhonePe Wealth Broking Pvt. Ltd. Each vertical now has a designated CEO, with Hemant Gala leading the lending business and Vishal Gupta, Vivek Lohcheb, and Ujjwal Jain overseeing insurance, Pincode, and Share.Market, respectively.

Since January, PhonePe has raised $850 million in its ongoing funding round, securing funds across five tranches at a pre-money valuation of $12 billion. Before this funding, PhonePe completed its full separation from the e-commerce marketplace Flipkart, becoming a fully India-domiciled company.

For the fiscal year ending in March 2023, PhonePe reported a remarkable 77% increase in revenue to Rs 2,914 crore. However, its EBITDA for the payment business stood at negative Rs 1,755 crore in FY23, compared to Rs 1,612 crore in FY22, according to the company’s statement.

- Advertisement -

Share this article...

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

Bank Manager took Massage inside branch, Video goes viral

Bank Manager took Massage inside branch, Video goes viral

Rs.975 crore Bank Fraud: ED arrests chairman of company in Mumbai

Rs.975 crore Bank Fraud: ED arrests chairman of company in Mumbai

Case filed against SBI Manager in Death of Electrician

Case filed against SBI Manager in Death of Electrician

Funding for Fintech Companies decreased by 99%: Report

Funding for Fintech Companies decreased by 99%: Report

MTNL Defaults on Rs 37.5 crore Loan from Punjab and Sind Bank, Government Steps in

MTNL Defaults on Rs 37.5 crore Loan from Punjab and Sind Bank, Government Steps in

Dividend paid by PSU Banks to Government, Check Bank Wise Amount

Dividend paid by PSU Banks to Government, Check Bank Wise Amount

National Housing Bank Recruitment 2024, Check Vacancies and Apply Online

National Housing Bank Recruitment 2024, Check Vacancies and Apply Online

Scheduled Commercial Banks’ Business in India: RBI Data

Scheduled Commercial Banks' Business in India: RBI Data

FIR against Union Bank Officer for making Fake Marriage certificate

FIR against Union Bank Officer for making Fake Marriage certificate

10 Banks in India faced minor disruptions due to Microsoft Outage

10 Banks in India faced minor disruptions due to global tech outage

Latest News