The Bengaluru-based Flipkart-owned company PhonePe has reportedly made its way across 100 million registered users on its platform in less than two years of its inauguration. The company’s annual total payments volume (TPV) have also received a boost crossing $20 billion in the month of May.
Paytm, the firm’s close rival stated its annualised transactions amounting to $29 billion through its platform performing 63 million transactions in April, while the Digital payments firm PhonPe has performed 60 million transactions with a total of 30 million customers using Unified Payments Interface (UPI) in the month of May which is quite close to its competitor.
“We have gone from launch to 100 million users in just 21 months. Our next goal is to onboard a million merchants for our customers, and enable value-added services,” said Sameer Nigam, co-founder & CEO of PhonePe. He further added,“Post the mandatory-KYC process, our volumes have witnessed a boost. We want to keep up the current momentum, with our new category launches that are coming up over the next few months,”
The CEO’s statement clearly states that PhonePe would refuse transactions and decline sharing figures on the number of active customers without the KYC process. The total transactions have hyped more than double the amount over the past two quarters. However, the number of registered users is much more than the actual number of active users.
At present, PhonePe is in association with Airtel Money wallets, Jio money and Freecharge. Its monthly offline transactions are roughly around 1 million while the daily online transactions have reached up to 2 million and it aims to increase it to 5million per day by the end of this year.
The alarming growth in the Indian digital payments sector with apps like Paytm, PhonePe, Whatsapp Pay and Google Tez making an entry in the market, the sector seems to witness a huge competition in the coming years.