Flipkart-owned PhonePe Registers 42.4 million transfers Through UPI
BY - Vaishnavi Gupta
Assistant Editor, IndianRetailer.com & Retailer Media May 09, 2018 /
/ 1 MIN READ
Assistant Editor, IndianRetailer.com & Retailer Media May 09, 2018 /
16
Flipkart-owned payments instrument PhonePe has clocked 42.4 million transactions on Unified Payments Interface in April, said the company in a note to the press.
In terms of value, the total amount of money transferred in April through the PhonePe app stood at Rs 8,100 crore against Rs 6,600 crore in March, a jump of 22%.
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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.
‘Flipkart Pay Later’ will enable PhonePe users to make purchases on credit and clear dues in one single monthly payment.
ICICI Bank had blocked transactions through PhonePe on January 13 citing security concerns and said PhonePe was allowing users of only Yes Bank's UPI handle to make payments on its app.
PayPal, which has been looking to get a toehold in the fledging but fast-growing domestic digital payments industry, had nearly closed a funding round with Snapdeal's Freecharge last year, but the deal fell through, sources said on condition of anonymity.
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