Amidst growing rivalry amongst UPI-enabled digital payments players, PhonePe has disclosed its UPI transaction data for July. The Flipkart-controlled firm has processed 335 million transactions on its platform via UPI.
The firm was only behind Google Pay in terms of UPI transaction volume as well as value. While Google Pay hasn’t revealed its UPI data for the past two months, Paytm had announced to keep itself away from UPI race.
Clocking its highest UPI transactions ever, PhonePe has also achieved an annual TPV (Total payment volume) run-rate of $95 billion. This is a phenomenal 5X spike in annual TPV run-rate from $20Bn mark in June 2018.
On the contrary, Paytm’s had crossed $29 billion gross transaction value(GTV) through wallets, UPI, and bank transfers in June 2018 and clocked around $50 billion GTV run rate in FY19.
The growth has come on the back of the exponential expansion of PhonePe’s merchant network, both online and offline, said the company in a press statement.
With over 150 million users, PhonePe app claims to drive the highest number of merchant UPI transactions in India. It’s accepted across 50 lakh merchant outlets nationally. The company has been working towards becoming a ‘Super App’ like WeChat by aggregating several apps with payments use cases.
So far, PhonePe has integrated over 45 apps including Ola, Myntra, IRCTC, Goibibo, redBus, Oyo, and Treebo and several others inside its app.
One of the important pillars of UPI ecosystem, PhonePe’s growth will be pivotal for the prosperity of NPCI-owned payments railroad. Since Paytm has shifted its focus from cashbacks-led P2P transactions, the onus will be on PhonePe and Google Pay to drive further growth for UPI.