New Delhi: PhonePe, India’s leading digital payments platform today announced that it continues to be the digital payments market leader in February, processing over 970 Million UPI transactions, and over 1.07 Billion total transactions across UPI, Cards, and Wallets. PhonePe’s remarkable growth is an indication of strong user preference on the back of the highest end-to-end success rates on UPI payments, and its superior product experience.
PhonePe processed more than a billion transactions for the third consecutive month in February and continues to lead the digital payments market across UPI, credit and debit cards, and wallets in India. PhonePe’s phenomenal growth has come on the back of the rapid expansion it has seen in offline payments across Tier 2, Tier 3 cities, having already digitized over 17.5 million kiranas. The company had previously announced its plans to digitize 25 million kiranas by the end of 2021.
Commenting on the announcement, Sameer Nigam, Founder & CEO, PhonePe said, “We are delighted to retain our pole position as the top digital payments platform in the country. I am very proud to report that PhonePe is leading across all core industry metrics – active users, active merchant, total transactions & TPV. We will continue to transform lives positively, while building simple, scalable and innovative products for every Indian.’’