PhonePe gets payment aggregator licence, reaches $1 trn annualised payment value run rate
- The fintech firm claims to have digitised more than 35 million offline merchants spread across tier 2, 3, 4 cities and beyond, covering 99 per cent pin codes in India
Indian digital payments firm PhonePe, founded in December 2015 and now among the country's largest payments app, hits $1 trillion, or ₹84 lakh crore, annualised Total Payment Value (TPV) runrate, mainly on account of its lead in UPI transactions, the company announced on Saturday.
The fintech firm claims to have digitised more than 35 million offline merchants spread across tier 2, 3, 4 cities and beyond, covering 99 per cent pin codes in India.
"We are delighted to reach the $1-trillion annualised TPV run rate. We look forward to turbo-charging the next wave of growth for UPI payments in India with offerings like 'UPI lite', 'UPI international' and 'credit on UPI' to enable greater financial inclusion for Indians," PhonePe's head of consumer business, Sonika Chandra said.
PhonePe said that the growth is backed by its leadership in the UPI space where it holds over 50 per cent market share by value.
"The company has also received an in-principle approval for its PA (payment aggregator) licence from the RBI," the statement read.
Last month, PhonePe raised another $100 million (about ₹828 crore) in primary capital from new investors Ribbit Capital and TVS Capital Funds with participation from existing investor Tiger Global, at a pre-money valuation of $12 billion, the company said on Tuesday.
This follows a $350 million primary fundraise by the company on 19 January from General Atlantic.
PhonePe is making significant investments in new businesses like insurance and wealth management, while also enabling the next wave of growth for UPI payments in the country, the statement read.
With agency inputs
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Business NewsCompaniesNewsPhonePe gets payment aggregator licence, reaches $1 trn annualised payment value run rate
First Published:11 Mar 2023, 03:26 PM IST
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