PhonePe hits 250 million user mark, registers 925 million transactions in October

Flipkart-owned fintech platform PhonePe on Monday said it has crossed the 250 million registered user milestone.

The company reported over 100 million monthly active users (MAU) and 2.3 billion app sessions in October, a statement said.

"PhonePe had a record month in October, processing 925 million transactions – its highest so far – with an annual TPV (total payment volume) run rate of $277 billion. PhonePe also processed 835 million UPI transactions in October, for a market leading share of over 40 per cent,” it added.

Sameer Nigam, CEO and founder of PhonePe, said the company has set a target of crossing 500 million registered users by December 2022.

"In line with our brand ethos of 'Karte Ja. Badhte Ja’, we continue to launch new and innovative products for every strata of Indian society, as well as enable digital payment acceptance across every merchant in every village and town in India,” he added.

PhonePe – which competes with the likes of Paytm, MobiKwik and Google Pay – allows users to send and receive money, recharge mobile and make utility payments as well as buy gold and make investments.

It had also launched its 'Switch' platform that allows customers can place orders on over 220 apps including Ola, Myntra, IRCTC, Goibibo, RedBus and Oyo.

PhonePe is accepted at 13 million merchant outlets across 500 cities nationally.