Cashless Economy: PhonePe Crosses 5 Billion Transactions, Witness 5 Times Growth In One Year 

Digital payments platform PhonePe on Friday (13 December) announced that it has crossed 5 billion transactions on its app.

Bengaluru-headquartered PhonePe crossed the one-billion transaction milestone in November last year and has grown a phenomenal 5 times in just one year, the company said in a statement.

"Our journey over the last 4 years has been incredible, not just in terms of the growth of the platform, but also in realizing the social impact that payments and financial services can create," said Sameer Nigam, Founder and CEO, PhonePe.

The digital payments platform has over 175 million registered users in the country.

"We believe the MSME sector is the core engine of the Indian economy and there is a need to create compelling solutions for MSMEs to thrive," he added.

PhonePe is accepted as a payment option across 80 lakh MSMEs in over 215 cities in India and over 56 per cent of its transactions are now driven by users in Tier II and III cities.

This year, PhonePe introduced new use cases to make a customer's experience on its platform more seamless and convenient including 'Switch', which does away with the need for downloading multiple apps.

Switch allows customers to seamlessly switch between PhonePe and their favourite food, grocery, shopping and travel apps from within the PhonePe app, with just a single tap.

The digital platform also has over 150 million bank accounts linked on its platform. It also has over 56 million saved credit and debit cards on its platform.

PhonePe is accepted at more than 80 lakh merchant outlets.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)