PhonePe's transactions reach 925 million in October; exceeds Paytm, Google Pay

Flipkart-backed PhonePe's user base has crossed the 250 million-landmark. The fin-tech company reported more than 100 million monthly active users (MAU) and 2.3 billion app sessions in October.  

According to an official statement, PhonePe has processed the highest number of transactions in October at 925 million. These transactions had an annual total payment volume (TPV) run rate of $277 billion. The statement added that PhonePe processed 835 million UPI transactions in October, accounting for a market share of 40 per cent.

Its competitors  Paytm, Google Pay and Amazon Pay fell behind PhonePe in terms of UPI transactions. While PhonePe hit 835 million transactions in October, Google Pay could manage about 820 million transactions. Paytm recorded approximately 245 million transactions whereas Amazon Pay recorded only about 125 million transactions in October, according to a TechCrunch report.

The firm intends to cross 500 million registered users by December 2022. CEO and founder of PhonePe, Sameer Nigam said, "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."

Walmart-backed PhonePe allows users to send and receive money, recharge mobile and make utility payments. Besides this, the fintech app also allows users to buy gold and make investments.

PhonePe has also launched the 'Switch' platform. This platform allows users to place orders on more than 220 apps such as Ola, Oyo, IRCTC, Myntra, Goibibo and RedBus. Transactions via PhonePe are accepted at 13 million merchant outlets across 500 cities in India.

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