PhonePe sees 23% QoQ jump in total value of transactions to Rs 921,674 cr in September quarter

Fintech major PhonePe on Tuesday said the total payments value (TPV) of transactions processed by its platform grew 23.3 per cent sequentially to Rs 921,674 crore, while the number of transactions grew by 33.6 per cent to 526.5 crore in the September 2021 quarter.

Also, money transfers with UPI and merchant payments hit a new milestone of 200 crore transactions.

“Offline merchant payments (such as paying at kiranas in store) grew faster than online merchant payments (such as ordering food or shopping online) registering a quarter-on-quarter growth rate of 65 per cent.

“In a clear indicator of recovery post the second wave of the pandemic, and stores rapidly opening up, nearly 4 out of 5 merchant payments are now offline payment transactions,” PhonePe’s Pulse report said.