PhonePe crosses 5 billion transactions, grows five times in one year

Digital payments platform PhonePe on Friday announced that it has crossed 5 billion transactions on its app.

Bengaluru-headquartered PhonePe crossed the one-billion transaction milestone in November last year and has grown a phenomenal 5 times in just one year, the company said in a statement.

“Our journey over the last 4 years has been incredible, not just in terms of the growth of the platform, but also in realizing the social impact that payments and financial services can create,” said Sameer Nigam, Founder and CEO, PhonePe.

The digital payments platform has over 175 million registered users in the country.

“We believe the MSME sector is the core engine of the Indian economy and there is a need to create compelling solutions for MSMEs to thrive,” he added.