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’

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.