PhonePe crossed the milestone at a time when it recently received Rs 697.9 crore from its parent entity in Singapore called PhonePe Pvt Ltd (Singapore), previously known as Flipkart Payments Pvt Ltd.
With over 150 million users, the Bengaluru-based company said PhonePe app drives the highest number of merchant unified payments interface (UPI) transactions in India. It is accepted across 5 million merchant outlets nationally. PhonePe also launched its own Apps platform in 2018. Today, its customers can place orders on ride-hailing firm Ola, Indian Railway Catering and Tourism Corporation, bus ticketing platform redBus and hotel network OYO directly from within the PhonePe Mobile App.
PhonePe, along with its rivals Paytm, Google Pay and Amazon Pay, are eyeing the Indian digital payments space which is expected to rise fivefold to reach $1 trillion by 2023 and it would be led by the growth in mobile payments, according to a report by financial services company Credit Suisse.