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Last Updated : Nov 21, 2018 04:24 PM IST | Source: Moneycontrol.com

PhonePe crosses milestone of 1 billion transactions on app

PhonePe has seen rapid acceptance across India including in its tier 2 and tier 3 cities.

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Representative image
Representative image

Flipkart-owned PhonePe on November 21 said it has crossed 1 billion payment transactions on its mobile app.

The company, which competes with Softbank-backed Paytm and Mobikwik, had crossed 100 million users in June.

PhonePe has seen rapid acceptance across India including in its tier 2 and tier 3 cities. Using PhonePe, users can send and receive money, recharge their phone balance, recharge their direct to home (DTH) account, data cards, make utility payments and buy gold. PhonePe is accepted as a payment option across 4.5 lakh offline and online merchant outlets covering food, travel, groceries, movie tickets etc.

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“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 payments app in India, while it innovates to solve complex problems and penetrates deeper into India to support financial inclusion,” said Kalyan Krishnamurthy, CEO, Flipkart.

Recently PhonePe also went live with the Ola, Redbus, Mumbai Metro and Goibibo micro-apps on their platform allowing other businesses to build their own exclusive stores on the PhonePe app.

This is part of PhonePe’s vision of being an open payments ecosystem, enabling businesses of all sizes to build and deploy apps on its platform with a unified login and payments experience for over 100 million users.

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First Published on Nov 21, 2018 04:24 pm
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