PhonePe becomes the fastest to reach a million transactions a day

PhonePe, India's fastest growing digital payments platform, on Wednesday announced that its UPI-based merchant transactions processed over 1 million daily transactions.

According to a company statement, PhonePe daily transaction is worth over 100 crores in November.

PhonePe cofoundeer and CEO and Co-founder  Sameer Nigam said India is at the cusp of a major digital payments revolution, and PhonePe has been an important catalyst driving this change across the country.

"In line with the national agenda of Digital India, we are constantly innovating to bring more use cases to our platform and becoming the one-stop payments solution for all our customer needs. We are humbled to hit the million transactions a day milestone in such a short span of time. We are currently processing Rs 40,000 crore worth of digital payments annually, and are targeting to double this metric by March, 2018," he said.

PhonePe, part of India's largest ecommerce company Flipkart   has achieved a staggering total payments volume (TPV) annual run rate of Rs 40,000 Crore within 14 months of market launch.

PhonePe's monthly transactions have grown 8200% since November last year, fueled largely by exponential growth in its online merchant, bill payment and peer to peer transactions.

The PhonePe mobile app has been downloaded by over 55 million Indians so far.

PhonePe has recently introduced new categories like credit card bill payments and gift cards in its mobile app, and integrated over sixty thousand online and offline merchants in categories ranging from movie tickets, food delivery, pharmacies, groceries, travel and petrol pumps where customers can pay their bills using UPI, wallets, credit and debit cards.

PhonePe also recently launched the world's cheapest indigenously-designed Point of Sale (POS) device, costing just $10, to help accelerate the pace of digital inclusion for millions of local merchants and customers in India.