Flipkart owned digital payments start-up had overtaken paytm to become the largest consumer payments company in the country in terms of total payment volume(TPV). The Bangaluru based firm had hit $20 billion in TPV annual run rate, making it the largest player in terms of transaction value. Phonepe had also crossed 100-million user mark.
“That is what we believe based on the understanding we have... we are the largest consumer payments [company] in the country today,” said Rahul Chari, co-founder and chief technology officer of PhonePe.
Phonepe said that its platform drove more than 70 percent merchant Unified Payments Interface (UPI) transactions, making it the largest player in the market. The average transaction value on the platform varies between 1,800 rupees and 2,000 rupees which shows that users were also using the platform for the high-value transactions.
“It’s a very proud day for us. We have crossed the 100 million user mark in just 21 months. This is the fastest that any Indian start-up has achieved this landmark. We are both humbled by the trust that Indian consumers have placed in us till now, and excited about what the future holds for us,” said Sameer Nigam, co-founder and chief executive officer of PhonePe.
In April 2018, the company said the Phonepe platform saw more than 60 million transactions, with more than two million transactions a day. The firm said it aimed to reach more than five million transactions a day by the end of the year.