Merely two months after the Unified Payments Interface (UPI) crossed the billion mark in October 2019, PhonePe, a digital payments platform, which is owned by Flipkart, has been able to surpass 5 billion transactions on its platform, cited Inc42.
As per the company, the Bengaluru-based platform PhonePe has noted a 5x increase since November 2018, when it had noted 1 billion transactions. It also claimed that nearly 56 per cent of the 5 billion transactions come from Tier 2 and Tier 3 cities.
Whereas, Phone Pe reported a loss of INR 1904.72 Cr in the financial year 2019, ending March.
While, in terms of revenue, it has recorded a 401 per cent hike with INR 245.8 crore in FY19, compared to INR 49 crore in 2018.
PhonePe, which was acquired by Flipkart in 2016, was founded by ex-Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer. Since then Flipkart has invested about $500 million in PhonePe.
It is a financial technology company, headquartered in Bangalore, India. It provides an online payment system based on Unified Payments Interface (UPI), which is a new process in electronic funds transfer launched by National Payments Corporation of India.
Thus, there are several digital transaction platforms in India that compete with the likes of PhonePe include Paytm, Amazon Pay, Google Pay, Yono, Mobikwik, etc.