PhonePe app. Image: Website
Digital payments firm PhonePe now has almost half as many users as its rival Paytm’s mobile wallet service, with the Flipkart-owned firm announcing on Wednesday that it had crossed the 100 million users. The firm also said it had hit an annualised total payment value run rate of $20 billion in the month of May, staking claim to the largest payments player in the country in terms of transaction value.
“It’s a very proud day for us. We have crossed the 100 million user mark in just 21 months. This is the fastest that any Indian start-up has achieved this landmark. We are both humbled by the trust that Indian consumers have placed in us till now, and excited about what the future holds for us,” said Sameer Nigam, co-founder and chief executive officer of PhonePe.