The digital payments platform, PhonePe, announced on Monday, that it touched the 2-billion mark in terms of the number of transactions carried out on the application. The growth was made possible by the many online and small offline merchants across the country.
The transaction number had touched 1 billion in November 2018, which means it took only about five months for another one billion transactions. The application has more than 3 million merchants from over 130 Indian cities, in its network. The platform had only about 1 million merchants in the month of January this year.
The Bengaluru-based company has been experiencing rapid growth. It has grown five times in the past 6 months. The company has different payment solutions, which makes it easy for each segment to choose their preferred mode of payment. While small stores can use the QR code to transact, organised merchants can make use of the Billing POS Integrated Solutions. Since the payment methods do not require training for proprietors or cashiers, the application is widely accepted and used.
PhonePe, in its aim to integrate other applications of various sectors, has launched apps like Ola, Goibibo, Myntra, Oyo, and recently added the gaming app, Mobile Premier League too.
The Walmart-owned billion-dollar company has 150 million registered and 50 million active users. The company received Rs.743.5 crore from its parent company based in Singapore, PhonePe Pvt. Ltd.
Source: Your Story