Flipkart-owned PhonePe Registers 42.4 million transfers Through UPI
BY - Vaishnavi Gupta
Senior Correspondent, IndianRetailer.com & Retailer Magazine May 09, 2018 / 1 MIN READ
Senior Correspondent, IndianRetailer.com & Retailer Magazine May 09, 2018 / 1 MIN READ
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’s Big 10 sale has helped PhonePe add more users and see a sharp rise in transactions as it offered steep cashbacks of up to 30% for all transactions for the sale made through its app
Flipkart-owned digital payments company PhonePe today said it has achieved an annual run rate of USD 2.5 billion in the total payment volume (TPV) on its platform.
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
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