PhonePe, India’s finance platform, revealed today that it has reached 350 million lifetime registered users, confirming its position as the market leader. This implies that one out of every four Indians now uses PhonePe.
The number of registered users increased by 28% from January to December 2021, from 273 million to 350 million. In December, the company announced 150 million monthly active users and a total payment value (TPV) of $651 billion.
In India, PhonePe is a popular digital payment method. It is the first payment app built on the Unified Payments Interface (UPI).PhonePe is available in more than eleven Indian languages, including Hindi, Telugu, English, Marathi, Gujarati, and Odia, which is one of the aspects that makes it popular.
This ensures that if you don’t understand English, you can always change the PhonePe app’s language settings to your first language. It eliminates any ambiguity and allows you to correctly enter payment information.
PhonePe leads the industry in every critical parameter, including payment value and volume, registered users, and merchant penetration. In terms of the volume of transactions executed in December, the firm is the industry leader in UPI, with almost 45 per cent market share.
In December 2021, it handled over 500 million transactions in physical establishments. This was made possible by PhonePe’s rapid increase of merchant coverage, which now includes 25 million stores in 15,700 cities and villages, representing 99 per cent of India’s pin codes.
Every day, more bettors are fooled, primarily as a result of their employment of non-legitimate payment methods. It is regulated by the Reserve Bank of India, which makes it extremely safe, trustworthy, and dependable.
PhonePe’s key benefit is its simplicity. PhonePe can also be used to pay for things like power, food, gas, and movies. What’s more, you can conduct your transactions in Indian Rupees, the country’s official currency.
PhonePe accepts a variety of payment methods. Paying with PhonePe is simple and convenient thanks to UPI-based direct debit. Your external wallet, debit and credit cards, PhonePe Wallet, and PhonePe Gift Card are all viable options.
Many customers think this feature is great because it allows you to choose the best payment method for you based on your account balances or preferences.
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