PhonePe has confirmed it has surpassed 250 million registered users in India. In October 2020, over 100 million monthly active users (MAU) and 2.3 billion app sessions were registered by the digital payments network.
"Our next target is to cross 500 million registered users by December 2022," said Sameer Nigam, CEO and Founder of PhonePe.
PhonePe had a record month in October, handling 925 million transactions, the highest so far, with an annual TPV run rate of $277 trillion, according to their announcements. In October, PhonePe also processed 835 million UPI transactions as per a statement, "for a market-leading share of over 40 percent."
The acceptance of digital payments in India has been booming over the last few years and has peaked during the pandemic in particular. PhonePe, along with Paytm and Google Pay, has been one of the big players in this domain.
"We are on a mission to make digital payments a way of life for every Indian citizen," Nigam said
In addition to that, PhonePe reported that a Digital Khata solution has also been launched to help offline stores maintain simple customer transaction records. The store can quickly send a notification for quicker collection in case the working capital gets stuck and the payments occur only when the customer comes to the shop next.