With total UPI transactions nearing 250 M, PhonePe claims to have processed 50 M transactions in JuneTarush Bhalla
Bengaluru-based payments company PhonePe on Tuesday announced that it saw close to 50 million transactions on its platform in June.
Further, these transactions resulted in over Rs 10,000 crore in total payment value transacted on the platform during the month through United Payments Interface (UPI).
According to the National Payments Corporation of India (NPCI), the total number of UPI transactions stood at 246.37 million in the month of June, with a total of Rs 40,834 crore transacted through the payment system.
This is a healthy 30-percent increase from the May numbers, where total UPI transactions stood at 189.48 million. Since February, the total UPI transactions have been growing at less than seven percent.
Hemant Gala, Head of Payments and Financial Services, PhonePe, said,
The PhonePe platform drove over 50 million UPI transactions at over 100 billion TPV (INR) in June. We are also one of the largest platforms in terms TPV as our average transaction value is much higher than other players, driven by our continuous focus on customer centric use cases. Right from Ola, redBus, Mumbai Metro and Goibibo micro-apps which went live recently, to everyday use cases like Money Bill payments and recharges.
In April, PhonePe claimed that it had clocked close to 42.4 million transactions on its platform, with the total amount of money transferred standing at Rs 8,100 crore.
Speaking of other players, PhonePe’s rival Paytm is estimated to have surpassed competition clocking close 96 million transactions in June, according to the sources.
In June, there were 110 banks that were live on the UPI platform.
PhonePe’s current numbers further show that they are nearing the gap with Google’s payment service, Tez, which was launched in September last year.
Recently, Bipin Preet Singh, Co-founder of payments service MobiKwik, recently expressed his concern around the discrimination made by the government through incentivising by giving merchant cashbacks to bank UPI apps and bank merchants.
MobiKwik had launched UPI on its platform at the end of May and reportedly claimed to have five million signups a week after launch.
Sources also said that BHIM and SBI accounted for seven percent and eight percent of the total market share in June, respectively.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.