Insta
Digital India: PhonePe Processes Over 1 Billion P2M Transactions In November; Has Digitised 25 Million Kiranas
Swarajya Staff
Dec 13, 2021, 02:08 PM | Updated 02:08 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Digital payments company PhonePe processed over 100 crore peer to merchant (P2M) transactions in November 2021, and it has digitised about 25 million kirana stores and small merchants in India.
P2M transactions on PhonePe constitute all the payments made by users at offline and online stores and other utility payments like recharges, bill payments etc.
The company revealed that the offline merchant transactions had recorded 200 per cent growth since last year onward.
The rapid expansion of PhonePe results from its offline merchant acceptance across different geographies, which has also been aided by its 1.25 lakh strong workforce, The Economic Times reports.
The Bengaluru-based company had taken the target of digitising more than 25 million kiranas across the country.
"PhonePe now has a merchant network across 15,700 towns and villages, constituting 99 per cent pin codes in the country," the company revealed in its official statement.
Founder-CEO Sameer Nigam said, "PhonePe has emerged as India's largest digital payments platform, and we are leading the industry on all key metrics which includes value and volume of transactions, registered users as well as merchant coverage."
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.