PhonePe hits $95 billion annual total payment volume rate

PhonePe, announced today that it has achieved an annual TPV (Total payment volume) run-rate of $95 billion while clocking 335 Million transactions in July. PhonePe’s TPV run-rate has grown nearly 5X in the past year, since crossing the $20 billion mark in June 2018. The growth has come on the back of the exponential expansion of PhonePe’s merchant network, both online and offline.

PhonePe has invested aggressively on its marketing activities this year and was the official co-presenting sponsor for the TV broadcast of VIVO IPL 2019 and the Official co-presenting sponsor for the TV broadcast of ICC World Cup 2019.

Sameer Nigam, CEO and Founder PhonePe said, "We are thrilled by the rapid adoption of PhonePe services across India. Last month alone, the PhonePe app was used by 60 million users. This means one out of every 15 Indian adults used the PhonePe app in July. This is both very exciting and very humbling for our company which launched less than 3 years ago.”   

With over 150 million users, Bengaluru-headquartered PhonePe is a digital payments platform in India. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments and buy gold.