PhonePe Hits $1 Trillion Annual Total Transaction Value
PhonePe, which was carved out of the Flipkart Group, operates in the UPI space and acts as a payments gateway app for merchants.
Bengaluru-based PhonePe said on Saturday it has hit an annualised total payment value run rate of $1 trillion (Rs 84 lakh crore).
The total payment value, or TPV run rate, refers to the entire value of transactions processed through a platform in a given time period.
PhonePe, which was recently carved out of the Flipkart Group, operates in the UPI payments space and acts as a payments gateway app for merchants. It claims to have over 45 crore registered users in India and over 3.5 crore offline merchants across the country.
In the UPI space, PhonePe has cornered a market share of over 50%, where it competes with Paytm and Google Pay. For context, UPI payment volume in February 2023 stood at Rs 12.35 lakh crore, down 5% from January's Rs 12.98 lakh crore.
The company also says it processes over 45% of the transactions on the Bharat Bill Pay System platform.
It further added that it has received an in-principle approval for its payment aggregator license from the RBI. "This approval will allow the company to scale its simplified payment solutions and enable digital inclusion for millions of small businesses and SMEs in the country," it said in a press release.
PhonePe is also currently undertaking a $1 billion fundraising exercise as it looks to go public. It has already raised about $450 million as part of it from Ribbit Capital, Tiger Global Management LLC, TVS Capital Funds, and General Atlantic Service Co. at a $12 billion valuation.
The fundraising exercise is being carried out a month after PhonePe announced that it had changed its domicile to India and fully separated from Flipkart.