PhonePe Processes 1 Million Daily Transactions In November
Flipkart owned UPI app, PhonePe, claims to have processed over 1 million daily transactions worth over $ 15.4 million in November. This app has achieved a total Payments Volume (TPV) annual run rate of $ 6.1 billion (Rs. 40,000 crores) within 14 months of its launch, taking the total volume of transactions processed on the PhonePe platform in November to 33 million.
A recent announcement from NPI confirmed the above fact. The statement said the UPI app hit a record high of 105 million transactions in November 2017. This was a 38% jump in transactions as compared to the last couple of months. PhonePe recorded a major hike in revenue this quarter as compared to its mere $ 76.8 million last year. The team further announced an 800% increase in revenues from October and an 8000% rise since November last year. This rapid rise was fueled largely by exponential growth in its online merchant, bill payment and peer to peer transactions.
Speaking about the reaching the milestone, co founder and CEO of PhonePe, Sameer Nigam said, "In line with the national agenda of Digital India, we are constantly innovating to bring more use cases to our platform and becoming (sic) the one stop payments solution for all our customers. We are humbled to hit a million transactions a day milestone in such a short span of time. We are currently processing Rs. 40,000 crores worth of digital payments annually and are targeting to double this metric by March 2018."
PhonePe recently also introduced new categories like Credit Card Bill Payments and Gift Cards on its mobile app. The online payments platform also integrated over 60,000 online and offline merchants in categories ranging from movie tickets, food delivery, pharmacies, groceries, travel and petrol pumps where customers can pay their bills using UPI, Wallets, Credit and Debit Cards. Till date, the PhonePe app has been downloaded by over 55 million Indians.
Meanwhile, the government owned BHIM saw 8.2 million transactions in the month of November 2017, accounting for transactions worth Rs. 2,553.5 crores. According to sources, there were 105 million UPI based transactions in November, with Rs. 9,679 crores being transacted. Out of the 105 million transactions, BHIM processed only 8% and accounted for 26% of the amount transacted in November.
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