PhonePe's transactions Exceeds Paytm and Google to reach 925 million in October

CIOReviewIndia Team | Tuesday, 03 November 2020, 04:31 IST

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Exceeding Paytm and Google PayPhonePe's transactions reached 925 million in October

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

 

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.”

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

 

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."

Moreover, PhonePe has also launched the Switch platform which will allow users to place orders on more than 220 apps such as IRCTC, Ola, Myntra, Goibibo, among others. Across 500 cities in India, transactions via PhonePe are accepted at 13 million merchant outlets. 

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