Bengaluru based digital payment service, PhonePe announced that it had crossed 5 billion transactions on its application. It is a substantial growth sinch November 2018, when it claimed to have passed one billion milestones. The growth has been recorded five times in just one year.
The company said in its statement – “Their journey has begun over the last four years, not in terms of the growth of the platform. And also realising its social impact over the last years,” said Founder and CEO of PhonePe, Sameer Nigam.
After the Paytm, the digital payment platform PhonePe has over 175 million registered users in the entire country. Moreover, it is accepted as a payment option across 80 lakh MSMEs sector. It is in over 215 cities in India itself and over 56 per cent transactions.
The company also said that it has more than 150 million bank accounts linked to its payment platforms. And more than 56 million credit and debit cards are saved on it.
Earlier this month, PhonePe received an $82.5 million (Rs 585.66 crore) from its Singapore parent PhonePe Private Ltd. The digital payment business also reported a loss of Rs 1,907 crore for the financial year 2018-19. The revenue for the company stood at Rs 245.8 crore during the same period.
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This year, PhonePe introduced new features to make a customer’s experience on its platform more seamless and useful, including ‘Switch’, which does away with the need for downloading multiple apps. The Switch allows users to switch between PhonePe and their favourite food, grocery apps from within the app, with just a single tap.