PhonePe clocks 335 mn transactions in July

Flipkart-owned PhonePe on Friday said it has achieved an annual total payment value (TPV) run rate of $ 95 billion, while clocking 335 million transactions in July.

“PhonePe’s TPV run rate has grown nearly 5X in the past year, since crossing the $ 20 billion mark in June 2018. This phenomenal growth has come on the back of the exponential expansion of PhonePe’s merchant network, both online and offline,” a statement said. TPV run rate refers to the total transaction value through the platform in a given time period.

The company, which competes with the likes of Paytm, Google Pay, Amazon Pay and others in India’s digital payments space, recently received a fund infusion of about Rs 698 crore from PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments).