Digital payments platform PhonePe claims to have crossed 1 billion transactions since its inception in September 2016. It claims to be the fastest fintech company to achieve this milestone within just 26 months of operation.
The Flipkart-owned company also hit an annual total payments volume (TPV) run rate of $38 Billion last month. This is almost double than PhonePe’s TPV figure of $20 billion announced in June, this year.
According to Entrackr‘s sources, PhonePe presently processes over 4 million total transactions a day. It’s a 4X growth in volume within 10 months for it.
Driven by the growth of UPI, organic growth of fund transfer, and online transaction (shopping, bill payments etc.), PhonePe has emerged as one of the biggest competitors to market leader Paytm.
The Sameer Nigam led firm has also claimed itself as the market leader in terms of average transaction value (ATV), which stood around Rs 1,800 (current figure unavailable). This is mainly due to e-commerce transaction through its parent entity Flipkart and other partners such as Ola, Myntra, redBus etc.
Over the past couple of months, it has been partnering online firms such as Ola, goibibo, Treebo, redBus, Oyo and Myntra to evolve itself as the super app.
On the other hand, the Alibaba-backed company had achieved an annual run rate of 5 billion transactions and $50 billion in GTV (gross transaction value) in July only.
While Paytm claims to have around 300 million registered users since its launch, PhonePe had crossed 100 million users in 21 months only.
In terms of UPI transaction, the Noida-based company has been beating all the competitors and claimed 37 per cent marketshare with 180 million transactions. PhonePe has not revealed its UPI transaction data for November.
For the financial year ending on March 31, 2018, PhonePe recorded revenue of Rs 42.79 crore and incurred Rs 791.03 crore in net losses, way higher than Rs 129.01 crore in FY17.
Apart from online transactions, PhonePe also claims to have witnessed a 20X growth in the past six to eight months as far as the offline transaction is concerned. It processed 2 million transactions via its offline organised outlets and aims to reach 10 million figure by December, this year.