PhonePe’s market leadership comes at a time when retail payments organisation, NPCI has capped UPI transactions for players at 30%, starting 2021
Bengaluru: Digital payments firm PhonePe on Monday said it has clocked close to 972 million Unified Payments Interface (UPI) transactions in February, garnering close to 42% market share on the payment infrastructure.
In January, the Bengaluru-based company had retained its market leadership in UPI for the second consecutive month by recording close to 968.7 million transactions and processing ₹1.91 lakh crore in value on the UPI payment network.
Total Unified Payments Interface (UPI) transactions in the country stood at 2.29 billion in February compared with 2.30 billion in January, showed data from retail payments organisation National Payments Corporation of India (NPCI) on Monday.
The total value of transactions on the UPI network stood at from ₹4.25 trillion in February compared with ₹4.31 trillion in January.
PhonePe’s market leadership comes at a time when retail payments organisation, NPCI has capped UPI transactions for players at 30%, starting 2021. Players in UPI have a period of two years to comply with this market cap.
In addition, PhonePe claims that it hit close to 1 billion transactions on its platform in December last year, which includes UPI and card-based payments through its app.
At present, PhonePe has close to 280 million registered users, of which 110 million are monthly active users of the platform, the company said. The company also claims to have 17.5 million merchants pan- India.
PhonePe announced in August, last year, that it will double down on its offline merchant acceptance, adding close to 25 million small merchants over the course of this year. The company was looking to hire a 10,000-strong on-ground fleet for the same.
In December, Walmart Inc-controlled Indian e-commerce firm Flipkart said that it is partially spinning off PhonePe in a move aimed at widening the digital payments platform's access to capital to fuel its growth, valuing the entity at $5.5 billion.
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