Bengaluru-headquartered PhonePe spanned the one-billion trade landmark in November this past year, and it has increased a phenomenal five times in only 1 year, the business said in a statement.
“Our travel during the past 4 years has been phenomenal, not only concerning the increase of this platform, but also in realising that the societal effect that financial and payments solutions can produce,” said Sameer Nigam, Founder and CEO, PhonePe.
The payments platform that is electronic has over 175 million registered customers from the nation.
“We think the MSME sector is the center engine of the Indian market and there’s a need to make compelling options for MSMEs to flourish,” he added.
PhonePe is approved as consumers in Tier II and III cities currently drive a payment alternative throughout 80 MSMEs in over 56 percent of its trades and over 215 cities in India.
PhonePe introduced use cases to generate the experience of a customer on its own stage convenient and seamless such as’Shift’, which does away with the requirement.
Switch enables clients to easily change between PhonePe and their food, shopping store, grocery and traveling programs from inside the PhonePe program.
The platform includes on its own platform connected over 150 million bank account. Additionally, it includes onto its own platform stored debit and credit cards over 56 million.
PhonePe is approved at over 80 merchant sockets.