Digital payments platform PhonePe has crossed the 100 million transaction mark in July, thus becoming the fastest Indian digital payments company.
NPCI reported that its UPI platform saw 236 million total transactions in July 2018. Of these PhonePe had the largest market share of 40%.
Sameer Nigam, CEO and Co-Founder of PhonePe said, "The PhonePe platform has witnessed incredible transaction volume growth over the past few months."
He said PhonePe's growth in market share is largely fueled by two factors. "One, we have added lakhs of new offline and online merchants on our platform in recent months and are seeing exponential growth in merchant transactions. Two, NPCI recently started blocking any UPI transactions where the sender and receiver bank account number are the same. This block by NPCI has effectively limited the ability of certain companies from incentivising shell transactions and artificially inflating their UPI numbers. As a result of these two factors, our market share of UPI transactions has jumped to 40% in July," he added.
PhonePe crossed the 100 million user mark in June, and the platform drives nearly 70% of overall merchant transactions on the UPI network.
PhonePe has been rapidly expanding its merchant base and is now accepted as a payment option across 3 lakh offline and online merchant outlets spanning food, travel, groceries, taxi cabs and movie ticketing, among others.
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