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Transactions on PhonePe grow by five times to five billion

Flipkart-owned digital payment platform, PhonePe said its transactions in 2019  touched five billion, a five-fold rise from 2018.

Published: 15th December 2019 12:04 AM  |   Last Updated: 15th December 2019 10:00 AM   |  A+A-

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For representational purposes (File Photo | PTI)

By Express News Service

BENGALURU : Flipkart-owned digital payment platform, PhonePe said its transactions in 2019  touched five billion, a five-fold rise from 2018.

PhonePe said the transactions had touched one billion last year.

Increased adoption of digital payments in tier 2, 3 cities coupled with the development of a simpler interface, according to PhonePe helped in achieving the milestone.

Over 56 per cent of the transactions on the platform are now driven by users from beyond the metros. About 80 lakh medium and small-medium enterprises across 215 cities in the country now accept PhonePe as a payment option in the form of recharges, money transfers, bill payments and even in buying gold and investing in mutual funds.

The digital payment platform also introduced a new feature on its app called Switch to do away with the inconvenience of downloading multiple apps.

Switch allows customers to seamlessly switch between PhonePe and their favourite food, grocery, shopping and travel apps from within the PhonePe app, with just a single tap.

Its platform features ‘Stores’, which helps customers discover hyper-local shops in their vicinity.

Customers can pay using their preferred payment modes like UPI, wallet, credit or debit cards at any of these stores.


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