The growth of PhonePe has started from the when the country goes with the digitisation wave starting from demonetisation in 2016, and the current lockdown of 2020-21.
PhonePe currently has more than 300 million registered users on its platform and over 125 million monthly active users.
In March, PhonePe said it became the first payment platform to process over one billion UPI transactions in a single month, and has been clocking over a billion UPI transactions on its platform every month since then.
The company reports that they have added nearly 45 million monthly active users in the last year – many months of which were under lockdown. It also saw a huge increase in adoption from tier 2, 3, and beyond becoming the fastest drivers of user growth.
Talking about the future growth prospects, as digital wallets are here to stay. Apart from money transfer, PhonePe offers the users do mobile recharge, pay utility bills, do online shopping, book travel tickets, and much more. The sources said, it has also diversified to financial services and offers travel insurance as well.
It also provides solutions to merchants and businesses for accepting online payments. PhonePe says that it has on-boarded about 20 million offline merchants across 11,000 towns and talukas.
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