Fintech firm and India's largest digital payments app PhonePe said it has reached a $1 trillion (Rs 84 lakh crore) annualised Total Payment Value (TPV) run rate, mainly on account of its lead in UPI transactions.
The company, which has more than 50% market share in the UPI payment space, claims to have digitised over 35 million offline merchants spread across tier 2, 3, and 4 cities and beyond, covering 99 per cent of pin codes in India.
Sonika Chandra, Head of Consumer Business at PhonePe, said, "We are delighted to reach the USD $1Tn annualized TPV run rate. Our focus on simplifying customer experience while ensuring fast, secure and reliable transactions has helped us win the trust of millions of Indian users. 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.’’
Notably, PhonePe has also received in-principle approval for its PA license from the RBI, which will allow the company to scale its simplified payment solutions and enable digital inclusion for millions of small businesses and SMEs in the country.