Flipkart’s PhonePe crosses 1 billion transactions

By

Maverick Martins

Published
Nov 22, 2018

Flipkart owned payments platform PhonePe, has said that it has crossed 1 billion digital payment transactions on its mobile app in just 26 months.
 

Flipkart has been investing heavily in its payments unit to compete with digital payments biggies like Paytm and Mobikwik. The investments have helped PhonePe scale up operations across all sectors and acquire over 100 million users in a short span of time.
 
In August this year, Flipkart had made a fresh capital infusion of Rs 452 crore ($65.7 million) in Phonepe through its Singapore-based arm Flipkart Payments Pvt Ltd.

Commenting on the achievement, co-founder and CEO of PhonePe, Sameer Nigam, in a statement said, “A billion transactions is both exciting and humbling, considering the incredible pace at which we have achieved this target, and the immense opportunities lying ahead of us. The growth and adoption of PhonePe has surpassed all our expectations."
 
Kalyan Krishnamurthy, CEO, Flipkart added, “Fintech and digital payments are one of the most promising industries in India today, and we are delighted to see the pace at which PhonePe is growing. We remain fully committed to supporting PhonePe in its goal to become the most preferred digital payment app in India.
 
PhonePe has seen rapid growth across India including metros as well as Tier II and III cities. It is accepted as a payment option across 4.5 lakh offline and online merchant outlets across India.