PhonePe crosses 350 million registered users, claims leadership position
PhonePe, India’s leading fintech platform, has crossed 350 million lifetime users and claimed leadership position in the segment.
The registered user base has grown by 28 percent from 273 million in January to 350 million in December 2021.
The company claimed to be the market leader in UPI with over 45 percent market share in terms of the volume of transactions processed in December. It also claimed to have processed over 500 million transactions at physical stores (including kiranas) in December 2021.
Commenting on the milestone, Sonika Chandra, head of consumer platform payments at PhonePe in a statement said, “We are delighted to cross the 350 million registered users mark, and emerge as India’s largest digital payments platform across all core metrics. This phenomenal growth is driven by our technology team’s relentless pursuit of delivering the highest end-to-end transaction success rates in the industry, as well as our offline sales efforts in building the largest merchant acceptance network in India.
“We will continue to push hard on deepening digital payment adoption and merchant acceptance across India,” Chandra added.
PhonePe’s merchant coverage spans across 25 million stores across 15,700 towns and villages in India.
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