The digital payment network PhonePe claims to have fallen to 300 registered full-time users, surpassing its first major 250-million-page achievement by November 2020.
PhonePe reported 125 monthly active users (MAU) and a TPV running rate of more than USD $ 390 billion in May this year, the report said.
Commenting on this success, Sameer Nigam Co-Founder and PhonePe CEO said, “We will strive to create the simplest, closest and most cost-effective payment solutions for all Indian customers to meet our needs. The goal is to get 500Mn Indians accepting digital payments by 2023, “
Last year, this digital payments network was the first to process more than a billion UPI transactions in a single month.
According to Nigam, 80 percent of the activities that took place on the platform came from users found in Tier 2, tier 3, tier 4 locations.
Unified Payments Interface (UPI) transactions, one of the most popular ways to make mobile payments, exceeded the Rs 5 lakh crore mark by March price, affecting a higher price as digital acquisition continues to increase in India.
According to a recent report by Credit Suisse, digital payment systems in India have grown by 10X over the past five years – and have a 30 percent share, totaling $ 450 billion, with the acceptance of more than 30 million retailers compared to the traditional 5 million POS terminos. More than 200 million users in India are now active users of digital payments.