Walmart-owned digital payments firm PhonePe on Monday said that it has crossed the two billion digital payment transaction mark on the app. This milestone was led by growth across large and small offline and online merchants across the country, the company said.
PhonePe which competes with Amazon Pay, Google Pay and Paytm is currently accepted at over 3 million merchant outlets across 130 cities in India. The company which is currently helmed by Sameer Nigam had crossed the one billion transactions milestone in November 2018. The firm has over 150 million users.
“Our online and offline merchant transactions have grown 5x in the last 6 months,” said Karthik Raghupathy, vice president - strategy and business development, PhonePe. “We are confident of growing at a similar pace over the next few years.”
Vivek Lochcheb, director-offline business, PhonePe said that this year the firm has already tripled its merchant acceptance number to over three million merchants across the country. Small merchants can use the ubiquitous QR code solution which just requires a feature phone to get started. More organised merchants can use PhonePe’s billing POS integrated solutions.
“Our solutions do not require extensive training for cashiers or proprietors and this has led to a massive surge in our reach across both urban and rural markets,” said Lochcheb.