Digital payment platform PhonePe announced on Friday that it had crossed five billion transactions on its app.
The company said in a statement that Bangalore-headquartered PhonePay has surpassed one billion transaction milestones in November last year and has grown five times in just one year.
Founder and CEO of Sameer Nigam, PhonePe said, “Our journey over the past 4 years has been incredible, not only in terms of platform development, but also in understanding the social impacts that payments and financial services can create. ”
The digital payment platform has more than 175 million registered users in the country.
“We believe that the MSME sector is the main engine of the Indian economy and there is a need to create attractive solutions for MSMEs,” he said.
PhonePe is accepted as a payment option for 8 million MSMEs in more than 215 cities in India and more than 56 percent of its transactions are now handled by users in Tier II and III cities.
This year, PhonePe introduced new use cases to make the customer experience on its platform more intuitive and convenient, including ‘Switch’, removing the need to download multiple apps.
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The switch allows customers to switch between PhonePe and their favorite food, grocery, shopping and travel apps seamlessly with just one tap from the PhonePe app.
The digital platform has more than 150 million bank accounts linked to its platform. It also has more than 56 million saved credit and debit cards on its platform.
PhonePe is accepted in more than 8 million merchant outlets.