PhonePe’s offline merchant base crosses five-million mark
Flipkart owned PhonePe has strengthened its offline merchant network by crossing the five million mark in just six months.
The company is further looking to increase its base in the country and will be offering cashback of up to Rs 1,000 ($15) for consumers when they pay using PhonePe at an offline store
PhonePe claims that every retailer can earn a total amount of Rs 1,400 every month with the usage of its service. Interestingly, Paytm too is following the same model of incentivising merchants to expand its offline merchant network in the country.
“The offline segment has seen phenomenal growth in the last year. We started this year with 1 million merchants and that number has already grown to 5 million in a span of just six months. We are excited to reach this milestone and are humbled by the trust shown in us by consumers as well as merchant partners,” Yuvraj Singh Shekhawat, head of offline business growth at PhonePe said in a statement.
“We will continue to expand our reach across the length and breadth of the country, building innovative solutions that make the process of digital payments simple, convenient and hassle-free,” Singh added.
Flipkart has been investing heavily to scale up PhonePe in India and had invested Rs 743 crore ($107.5 million) earlier this year.
At present, PhonePe is present in more than 150 cities across India and claims to have over 100 million users.
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