PhonePe now has 250 million users in India

PhonePe now has 250 million users in India

PhonePe has announced that it has crossed the 250 million registered users in India. The digital payments platform reported over 100 million monthly active users (MAU) and 2.3 billion app sessions in October 2020.

PhonePe, as per their announcements, had a record month in October, processing 925 million transactions, its highest so far, with an Annual TPV Runrate of $277 Billion. PhonePe also processed 835 Million UPI transactions in October, β€œfor a market-leading share of over 40%” as per a release.

Digital payments adoption in India has been booming over the last few years and has peaked particularly over the pandemic. PhonePe has been one of the major players in this domain along with the likes of Paytm and Google Pay.

PhonePe also recently announced that it is now available as a live payment option at over 20 lakh shops in Maharashtra. The list not only includes small and medium business shops and kirana stores but also large organised retail stores across the state.

PhonePe said that this service is currently live at over 1.3 crore offline shops across the country with Maharashtra accounting for the largest share of offline stores.

In addition to that, PhonePe announced that it has also introduced a Digital Khata solution helping offline stores maintain easy records of customer transactions. In case the working capital gets stuck and the payments happen only when the customer comes to the shop next, the store can easily send a reminder for faster collection.