PhonePe breaks the monthly UPI transaction record with 5 billion transactions

PhonePe, the top digital payment platform, hit a new milestone in October by handling 5 billion UPI transactions, accounting for roughly half of the entire volume. PhonePe, which has 500 million registered users and 37 million merchants, has recently entered the financial services market and raised $850 million in funding. In FY23, the platform's revenue increased by 77%. 

In October, UPI crossed 11 billion transactions worth Rs 17.16 trillion and PhonePe contributed nearly 47% of the total transactions volume, according to data issued by the National Payments Corporation of India (NPCI). Value wise, the Sameer Nigam-led company recorded Rs 838,371.70 crore or Rs 8.38 trillion. Even in the previous two months i.e September and August, PhonePe registered 4.97 billion and 4.98 billion transactions respectively. 

Google Pay stood at the second with 4.13 billion transactions worth Rs 5.89 trillion followed by Paytm with 1.41 billion transactions worth Rs 1.67 trillion. 

PhonePe has been leading the UPI ecosystem for the last three years. The firm pipped Google Pay to the second spot in November 2020 and since then, it maintained its numero uno position in terms of number of UPI transactions. 

PhonePe is also leading in terms of number of users on the platform. The firm recently claimed that it has 50 crore (500 million) registered users and more than 3.7 crore (37 million) merchants on its platform. On the other hand, Google Pay marked 150 million users across 40 countries including India in April this year. Recently, Paytm CEO Vijay Shekhar Sharma also said that the company may reach 500 million payments users and 100 million merchants soon.