BENGALURU: One in four Indians now use fintech platform PhonePe, as the company on Friday said that it crossed 350 million registered users.
The user base of the fintech major has grown by 28% from 273 million in January 2021 to 350 million in December 2021.
It also reported an annualised total payment value (TPV) of $651 billion in December 2021. The company also reported 150 million monthly active users (MAU).
PhonePe also continues to widen its share in the UPI, as of December 2021, its market share in terms of the volume of transaction processed crossed over 45%.
According to National Payments Corporation of India (NPCI) data, PhonePe has registered 2,077.60 million transaction worth Rs 3,94,565.58 crore in December, compared to GPay, which has registered 1,587.43 million transaction worth Rs 3,02,989.79 crore.
Paytm Payments Bank has done 706.37 million transactions worth Rs 88,094.49 crore in December last year.
PhonePe also processed over 500 million transactions at physical stores (including kiranas) in December 2021.
PhonePe said that it could achieve this due to the rapid expansion of its merchant coverage spanning 25 million stores spread across 15,700 towns and villages, constituting 99% of pin codes across the country.
Sonika Chandra, Hmead of Consumer Platform & Payments, PhonePe said, “We are delighted to cross the 350 million registered users ark, and emerge as India’s largest digital payments platform across all core metrics. We will continue to push hard on deepening digital payment adoption and merchant acceptance across India.”