New Delhi: The company on Saturday said that digital payments platform PhonePe has achieved an annualized total payment value run rate of $1 trillion or Rs 84 lakh crore, mainly due to pioneering UPI transactions.
The company claims to have digitized over 35 million offline merchants across Tier 2, 3, 4 cities and beyond, covering 99 per cent pin codes of the country. ,ALSO READ: Today’s ‘Vishwakarmas’ can become tomorrow’s entrepreneurs: PM Narendra Modi in post-budget webinar on PM development,
“We are delighted to have reached the USD 1-trillion annual TPV run rate. We look forward to the next wave of turbo-charging growth for UPI payments in India with offerings such as ‘UPI Lite’, ‘UPI International’ and ‘Credit on UPI’ ‘ to enable greater financial inclusion for Indians,” Sonika Chandra, PhonePe head of consumer business, said in a statement. (Also Read:
The company said the growth is supported by its leadership in the UPI space where it has over 50 per cent market share by value.
“The company has also received in-principle approval from RBI for its PA (payment aggregator) license,” the statement said.
PhonePe is making significant investments in new businesses such as insurance and wealth management, as well as enabling the next wave of growth for UPI payments in the country, the statement said.