PhonePe reaches $1 trillion annualised payment value run rate; gets payment aggregator licence

‘PhonePe is making significant investments in new businesses like insurance and wealth management’

March 11, 2023 01:06 pm | Updated 03:23 pm IST - New Delhi

PhonePe said that the growth is backed by its leadership in the UPI space where it holds over 50% market share by value. Image for representation purpose only.

PhonePe said that the growth is backed by its leadership in the UPI space where it holds over 50% market share by value. Image for representation purpose only. | Photo Credit: Getty Images/iStockphoto

Digital payments platform PhonePe has achieved an annualised total payment value run rate of $1 trillion, or ₹84 lakh crore, mainly on account of its lead in UPI transactions, the company said on Saturday.

The company claims to have digitised over 35 million offline merchants spread across tier 2, 3, 4 cities and beyond, covering 99% pin codes in the country.

"We are delighted to reach the $1-trillion annualised TPV run rate. We look forward to turbo-charging the next wave of growth for UPI payments in India with offerings like 'UPI lite', 'UPI international' and 'credit on UPI' to enable greater financial inclusion for Indians," PhonePe head of consumer business Sonika Chandra said in a statement.

The company said that the growth is backed by its leadership in the UPI space where it holds over 50% market share by value.

"The company has also received an in-principle approval for its PA [payment aggregator] licence from the RBI," the statement said.

PhonePe is making significant investments in new businesses like insurance and wealth management, while also enabling the next wave of growth for UPI payments in the country, the statement said.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.