PhonePe hits 250M user mark, registers 925M transactions in October

Flipkart-owned fintech platform PhonePe on Monday said it has crossed the 250 million registered user milestone. The company reported over 100 million monthly active users (MAU) and 2.3 billion app sessions in October, a statement said.

"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 $277 billion. PhonePe also processed 835 million UPI transactions in October, for a market-leading share of over 40 percent," it added.

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Sameer Nigam, CEO and Founder of PhonePe, said the company has set a target of crossing 500 million registered users by December 2022.

"In line with our brand ethos of 'Karte Ja. Badhte Ja,' we continue to launch new and innovative products for every strata of Indian society, as well as enable digital payment acceptance across every merchant in every village and town in India," he added.

PhonePe — which competes with the likes of Paytm, MobiKwik, and Google Pay — allows users to send and receive money, recharge mobile, and make utility payments, as well as buy gold, and make investments.

PhonePe forayed into financial services in 2017 with the launch of digital gold, providing users with an option to buy 24-karat gold securely on its platform. The company has since launched mutual funds and insurance financial products like tax-saving funds, liquid funds, international travel insurance, and Corona Care — a dedicated insurance product for the COVID-19 pandemic.

Earlier this year, PhonePe had also introduced a one-of-its-kind PhonePe ATM, enabling customers to visit nearby offline stores to withdraw cash instead of having to visit a bank ATM.

It had also launched its 'Switch' platform that allows customers to place orders on over 220 apps, including Ola, Myntra, IRCTC, Goibibo, RedBus, and OYO.

PhonePe is accepted at 13 million merchant outlets across 500 cities nationally.

(Disclaimer: Additional background information has been added to this PTI copy for context)