PhonePe Emerges as Leading Digital UPI Player Crossing 100 Million Transaction in July 2018

PhonePe, India’s fastest growing digital payments platform announced that it has emerged as the single largest player on the UPI network, ahead of other payment apps like Paytm and Tez. PhonePe also crossed the 100 million transaction mark in July, becoming the fastest Indian digital payments company to achieve this feat.

According to National Payments Corporation of India (NPCI), its UPI platform saw 236 million total transactions in July. Of these, PhonePe had the largest market share of 40 per cent.

Talking about the milestone, PhonePe CEO Sameer Nigam said,”The PhonePe platform has witnessed incredible transaction volume growth over the past few months. Our growth in market share is largely fueled by two factors. One, we have added lakhs of new offline and online merchants on our platform in recent months and are seeing exponential growth in merchant transactions. Two, NPCI recently started blocking any UPI transactions where the sender and receiver bank account number are the same. This block by NPCI has effectively limited the ability of certain companies from incentivizing shell transactions and artificially inflating their UPI numbers. As a result of these two factors, our market share of UPI transactions has jumped to 40% in July.”

PhonePe has been rapidly expanding its merchant base and is now accepted as a payment option across 3 lakh offline and online merchant outlets spanning food, travel, groceries, taxi cabs and movie ticketing.