PhonePe said the growth is supported by its leadership in the UPI space where it holds more than 50% market share by value. Image for representation purpose only. | Image Credit: Getty Images/iStockphoto
Digital payments platform PhonePe has achieved an annual gross payment run rate of $1 trillion, or ₹84 lakh crore, largely due to its leadership in UPI transactions, the company said on Saturday.
The company claims to have digitized over 35 million offline merchants spread across tier 2, 3, 4 cities and beyond, covering 99% pin codes in the country.
“We are delighted to have reached the $1-trillion annualized TPV run rate. We look forward to turbo-charging the next wave of growth for UPI payments in India with offerings like ‘UPI lite’, ‘UPI international’ and ‘UPI credit’ to enable greater financial inclusion for Indians,” PhonePe head of consumer business Sonika Chandra said in a statement.
The company said the growth is supported by its leadership in the UPI space where it holds more than 50% market share by value.
“The company has also received in-principle approval for its PA [payment aggregator] license from RBI,” the statement said.
PhonePe is making significant investments in new businesses such as insurance and wealth management, while also enabling the next wave of growth for UPI payments in the country, the statement said.