This includes payments made using Unified Payments Interface and Bharat Bill Payment System. PhonePe recorded one billion monthly transactions in February.
According to the prepared statement, the company has 145 million monthly active users, an annual total payment value of $600 billion and digital transactions from more than 19,000 pin codes, which is more than 99% of the country.
PhonePe’s rapid growth—one billion transactions added in just eight months—signs widespread adoption digital payment In India, accelerated by a pandemic that shut down all but essential goods and services across large parts of the country over a period of 18 months.
Transaction value using UPI
crossed the $100 billion mark For the first time last month. as much as 4.2 billion UPI Transactions It earned Rs 7.71 lakh crore (about $103 billion) in the month, the highest in both cases for the five-year-old payments channel.
The spurt was driven by rising demand for online shopping amid festive season sales. The growth was also aided by the gradual reopening of the economy since the fall of the second wave.
PhonePe Founder and CEO Sameer Nigam said in the statement, “The fact that 80% of our transactions come from Tier-II, III cities and beyond, shows that digital payments are indeed penetrating the length and breadth of the country. Already happened.”
Still, cash is king in the Indian economy.
Ratio of currency in circulation as a ratio of India’s GDP
Touches a new high of 14.5% for the financial year 2020-21 Amid rising demand for cash and a shrinking economy. The post-pandemic increase in currency in circulation is a global phenomenon – described as a ‘dash to cash’ under extreme uncertainty – experienced by the US, Spain, Italy, Germany, France, Brazil, Russia and Turkey. has been done.
Meanwhile, digital payments are almost three times higher than in FY2018. The Reserve Bank of India’s Digital Payments Index, whose base year 2018 is 100, has risen to 270.