PhonePe crosses 2 billion transaction mark

Digital payments firm PhonePe on Monday said it has crossed 2 billion transaction mark and has achieved annual run-rate of USD 70 billion on transactions from its platform.

“PhonePe is now accepted across more than 3 million merchants. We have 50 million monthly active users now. With this, we have crossed 2 billion transactions since the time we started operations.

“As of today we have total payments value (gross transaction value) run-rate of USD 70 billion on annual basis,” PhonePe vice-president for strategy and business development Karthik Raghupathy told PTI.

He said 75 per cent of transactions on PhonePe are from tier 2-3 cities.

PhonePe had crossed one billion transaction mark in November 2018.

“We had 1 million merchants using PhonePe early this year. Now we have 3 million on board. We expect to reach 6 million merchants in next 2 months,” Raghupathy said.