PhonePe crosses 100 million transactions a day led by UPI

The PhonePe app (Representative image: Twitter/@PhonePe_)

Digital payments and financial services company PhonePe said on April 13 that it touched a milestone of processing more than 100 million transactions in a single day.

The company is a leader in the Unified Payments Interface (UPI) with a 47 percent share in monthly volumes. It currently processes over 2.5 billion transactions a month at an annual total payments volume run rate of $780 billion.

UPI processed transactions worth $1 trillion in FY23, and crossed a milestone of five million transactions in March this year. However, PhonePe's transactions also include bill payments, insurance purchases, and investments done through its platform.

Rahul Chari, tech chief and co-founder of PhonePe, said, "This is a big milestone for us and has been achieved by the best-in-class payments success rates, and fastest speed of transactions, backed by a superior product experience. We use technology to predict the likelihood of success of a transaction based on historical behaviour, which allows us to offer 99.99 percent system uptime."

The Flipkart and Walmart-backed company recently said that it plans to double its employee strength by the end of December as it taps a boom in online transactions. PhonePe currently has 2,600 employees and 2,800 open job positions across cities such as Bengaluru, Pune, Mumbai, and Delhi it is seeking to fill.

It plans to raise its workforce to 5,200 by December and fill the remaining 200 positions in a year’s time from now.

In March this year, the company also announced the acquisition of Pune-based GigIndia which is a network for freelance micro-entrepreneurs.

The acquisition of GigIndia is a deviation from PhonePe’s core payments offerings and will allow the company to leverage GigIndia’s network of freelance microentrepreneurs to help corporates and enterprises acquire more customers and scale up their distribution channels.

Founded in December 2015, PhonePe has more than 360 million registered users and one in four Indians is now using it. It has digitised over 27 million offline merchants spread across Tier II, III, and IV cities and beyond, covering 99 percent of pin codes in the country. The company entered financial services in 2017, providing users with the option of buying 24-karat gold, and recently launched silver on its platform.