PhonePe gives a boost to UPI during Flipkart’s Big 10 sale
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 appMay 19, 2017 | comments ( 0 ) |
Digital payments platform, PhonePe has processed over one million transactions through UPI during the five day sale on Flipkart, which closed on Thursday.
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.
Sameer Nigam, CEO, PhonePe, said, “Overall, PhonePe saw 2.5-million transactions in the five days of the sale for a total value of Rs 250 crore, with its wallet seeing 1 million transactions and the rest coming from credit and debit cards, said.
According to Nigam, “PhonePe saw 40% of all prepaid transactions for Flipkart, Myntra and Jabong. 90% of the total traffic for Flipakrt's sale came through mobile. PhonePe also saw 1.6 million app downloads in five days.”
PhonePe's figures are likely to give a big boost to UPI numbers this month. According to data from the National Payments Corporation of India (NPCI), about 3 lakh UPI transactions have been done every day in the month of May so far. With this sale, PhonePe has alone seen over 2 lakh UPI transactions a day this week.
The sale may have also helped PhonePe surpass daily transaction numbers of the government-backed BHIM app.
While BHIM app has the highest share among UPI transactions, among private players, PhonePe seems to have the lead, and the numbers during the sale seems to have further boosted it.
- Walmart India, Flipkart top executives meet CCI
- GSK exploring merger, may sell Indian entity entirely
- Kroger buys Chicago-based Home Chef for $200 mn
- DHL launches DHL SmarTrucking across India
- Amazon in talks to buy 10% stake in Future Retail
- SoftBank confirms it's selling 22% in Flipkart to Walmart
- Report says retail sector has attracted Rs 5,500 cr PE since 2015
- Kedaara, Partners to buy Vishal Mega Mart from TPG, Shriram Group
- Paytm acquires e-ticketing startup TicketNew
- Online Grocery Startup Milkbasket Raise $7 Mn Series A Round