PhonePe, India’s leading fintech platform today announced that it has crossed 350 million lifetime registered users further cementing its leadership position. This essentially means that one in four Indians now use PhonePe. The registered user base has grown by 28% from 273 million in January to 350 million in December 2021. The company also reported 150 million monthly active users (MAU) and an annualized total payment value (TPV) of $651 billion in December.
PhonePe is leading the industry on all key metrics including value and volume of transactions, registered users as well as merchant coverage. The company has been the market leader in UPI with over 45% market share in terms of the volume of transactions processed in December. It also processed over 500 million transactions at physical stores (including kiranas) in December 2021. This was achieved due to the rapid expansion of PhonePe’s merchant coverage spanning 25 million stores spread across 15,700 towns and villages, constituting 99% of pin codes in India.
Commenting on the milestone, Sonika Chandra, Head of Consumer Platform & Payments, PhonePe said, “We are delighted to cross the 350 million registered users mark, and emerge as India’s largest digital payments platform across all core metrics. This phenomenal growth is driven by our technology team’s relentless pursuit of delivering the highest end-to-end transaction success rates in the industry, as well as our offline sales efforts in building the largest merchant acceptance network in India. We will continue to push hard on deepening digital payment adoption and merchant acceptance across India.”