Ease of Doing Business for MSMEs: Digital payments app PhonePe on Wednesday announced it has crossed 100 million transactions a day. The company said it has 165 million monthly active users and processes more than 2.5 billion transactions a month currently at an annual total payment value (TPV) run rate of $780 billion. TPV is referred to the overall transaction value recorded on a platform in a given time period.

“This is a big milestone for us and has been achieved by the best-in-class payments success rates, and fastest speed of transactions, backed by a superior product experience. We use technology to predict the likelihood of success of a transaction based on historical behaviour, which allows us to offer 99.99 per cent system uptime,” said Rahul Chari, CTO and Co-Founder, PhonePe in a statement. 

Meanwhile, PhonePe continued to record the highest number of UPI transactions among UPI apps in March. 2,527.15 million transactions amounting to Rs 4,71,401.26 crore were processed during the month on PhonePe, up 110 per cent from 1199.51 million transactions amounting to Rs 2,31,412.33 crore in March 2021, according to the data from National Payments Corporate of India (NPCI).

In comparison, Google Pay’s March 2022 transactions stood at 1,838.12 million worth Rs 3,38,873.25 crore while Paytm Payments Bank saw 837.14 million transactions worth Rs 95,650.36 crore. WhatsApp had recorded only 2.54 million transactions amounting to Rs 239.78 crore. PhonePe said it has seen digital transactions from over 19,000 pin codes, constituting more than 99 per cent of the country.

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Founded in December 2015, PhonePe currently has more than 370 million registered users and digitized nearly 30 million offline merchants across Tier-II cities and beyond, according to the company. It forayed into financial services in 2017 to offer 24-karat gold and had recently launched silver on its platform.

Over the past four years, digital payments transactions in the country have jumped multifold from 31,340 million in FY 2018-19 to 55,540 million in FY 2020-21, according to the government data. In FY22, 74,220 million digital transactions were reported as of February 28, 2022. Moreover, the BHIM-UPI emerged as the preferred payment mode to process 4,527.5 million digital payment transactions with a value of Rs 8.27 lakh crore in FY22, according to the Ministry of Electronics and IT.