PhonePe corners nearly half of all transactions on BBPS

Walmart-backed PhonePe, the industry leader in facilitating Unified Payments Interface (UPI) payments since December 2020, has cornered nearly half of all customer transactions on the Bharat Bill Payment System (BBPS) channel in August.

The Bengaluru-based fintech startup processed 28 million customer transactions worth Rs 4,039 crore in the month, with BillDesk in second place processing around 9.5 million transactions, data released by the National Payments Corp of India showed.