Flipkart-owned PhonePe clocks USD 2.5 bn runrate in July
BY - Vaishnavi Gupta
Assistant Editor, IndianRetailer.com & Retailer Media Aug 24, 2017 /
/ 1 MIN READ
Assistant Editor, IndianRetailer.com & Retailer Media Aug 24, 2017 /
17
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.
"The monthly transactions on our platform have grown 800 per cent since December last year, fuelled by the exponential growth in number of online merchants, mobile recharges and bill payment transactions," PhonePe co-founder and CEO Sameer Nigam said. He added that a significant lever of growth has been UPI-based transactions on its platform.
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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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