PhonePe reaches USD 1 trillion annualised payment value run rate; gets payment aggregator licence

Digital payments platform PhonePe has achieved an annualised total payment value run rate of USD 1 trillion, or Rs 84 lakh crore, mainly on account of its lead in UPI transactions, the company said on Saturday.

The company claims to have digitised over 35 million offline merchants spread across tier 2, 3, 4 cities and beyond, covering 99 per cent pin codes in the country.

“We are delighted to reach the USD 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 head of consumer business Sonika Chandra said in a statement.