Already Has 250 Users
PhonePe clocked 835 one thousand thousand UPI transactions in Oct which translates into a market share of more than than 40% of the total UPI transactions for the month. Co-ordinate to the NPCI data, October saw as many as 2.07 billion UPI transactions across all platforms, the highest e'er since UPI was launched.
- Last Updated:November 02, 2020, xi:12 IST
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India's leading digital payments platform PhonePe has now crossed the 250 one thousand thousand user mark. PhonePe likewise reports 100 1000000 monthly active users and clocked 2.3 billion app session in Oct. This comes at a fourth dimension when digital transactions are at an all-time high. PhonePe says that in October, they registered 925 million transactions on the app while September saw 750 meg transactions. The digital platform is seeing strong numbers from Tier Two and Tier Three towns in Bharat, with more than seventy% transactions coming from users in those towns. PhonePe says they saw 835 million UPI transations in Oct which translates into a market share of more than twoscore% of the total UPI transactions for the month. Co-ordinate to the NPCI data, October saw every bit many as ii.07 billion UPI transactions across all platforms, the highest e'er since UPI was launched.
PhonePe is at present bachelor as a digital payments option at 13 meg merchants in 500 Indian cities. "We are on a mission to make digital payments a way of life for every Indian citizen, and our next target is to cross 500 1000000 registered users by Dec 2022. In line with our brand ethos of "Karte Ja. Badhte Ja", we go along to launch new & innovative products for every strata of Indian social club, as well equally enable digital payment acceptance across every merchant in every village and town in India," says Sameer Nigam, CEO and Co-Founder of PhonePe. This is part of the digitization push that the platform has embarked on which should see 25 million offline merchants adopt the PhonePe digital payments platform beyond India.
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Co-ordinate to the information past the National Payments Corporation of India, the UPI transactions clocked the 207 crore (two.07 billion) transaction mark in Oct. These transactions are worth as much as Rs 3.3 lakh crore. In that location has been a steady rise in UPI transactions, with a reported 180 crore UPI transactions completed in September valuing to as much equally Rs iii.29 lakh crore and 161 crore transactions in Baronial. This steady rise in UPI transactions are due to a variety of factors, which includes more online purchases and payments being done as people stay indoors due to the coronavirus pandemic and as well the contempo online sales on various shopping platforms including Flipkart and Amazon. UPI is one of the digital payment methods, including credit and debit cards likewise as netbanking and mobile wallets.
We had reported earlier that with merchants including Kirana Stores getting access to the PhonePe for Business app, it will requite them the ability to employ the completely digital payments process with vendors and customers. PhonePe wants to complete this ringlet-out past December 2021, and believe this digitization push across more 5500 talukas across India will help create more 10000 jobs. This comes as the government of India continues to push for digital payments to reduce the reliance on cash for payments, and also is pushing forward with the digitization plans across the country.
PhonePe is competing with digital payment platforms including Paytm, Google Pay, Amazon Pay, Mobikwik and Airtel Payments Bank, to name a few, in Bharat. At this time, PhonePe offers a diverseness of services, including beak payments, utility payments, in-store payments, coin transfer, paying for your credit bill of fare bills, and likewise a wider spectrum of financial services including investments such as Mutual Funds, gold savings likewise as insurance.
A few weeks ago, PhonePe had expanded the mutual funds options by adding 7 new mutual fund categories. These new categories are Large cap, Mid and Modest cap, Diversified Funds, Index Funds, Hybrid - Ambitious & Dynamic Nugget Allotment, Debt, Liquid and Taxation Saving Funds.
Towards the end of October, the Google Pay app went offline on the Apple App Shop and iPhone users faced transaction failure issues for a few days as Google fixed certain issues with the app to improve transaction success rates.
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Source: https://www.news18.com/news/tech/phonepe-clocks-250-million-users-in-india-and-clocks-835-million-upi-transactions-in-october-3032453.html
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