Senior Correspondent, IndianRetailer.com & Retailer Magazine Jun 01, 2018 / 2 MIN READ
New Delhi: Bengaluru-based digital payments firm, PhonePe claims to have crossed 100 million users on its app as it processed annualised total payments volume (TPV) run rate of $20 billion. An annual run rate is calculated based on the current month’s volume of payments that a particular payments firm has processed.
The biggest player in this sector Paytm claimed it had processed annualised transactions worth $29 billion through its platform.
The Flipkart group company said it had 30 million total customers who made 60 million transactions as of April using Unified Payments Interface (UPI) on its app. PhonePe has tied up with Yes Bank for processing UPI payments.
PhonePe co-founder & CEO Sameer Nigam said, “We have gone from launch to 100 million users in just 21 months. Our next goal is to onboard a million merchants for our customers, and enable value-added services.” User numbers are different from active customers, who have made at least one transaction on a particular app. The daily active and monthly user number is typically far lower for most Indian internet companies.
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PhonePe plans to deploy these funds to scale up its payments and insurance businesses in India, as well as to launch and aggressively scale new businesses like lending, stockbroking, ONDC-based shopping, and account aggregators over the next few years.
FreeCharge customers will also be able to recharge and pay bills and shop at various offline and online stores that PhonePe has tied up with
This partnership is part of PhonePe's vision of being an open payments ecosystem.
Using the PhonePe app customers now have the option to pay their credit card bills till the due date.
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