Walmart’s PhonePe crosses 5 bn transactions on its app, a 5X yoy growth

Walmart-owned digital payments firm PhonePe on Friday said that it has crossed 5 billion transactions on its app. PhonePe had crossed the 1 billion transaction milestone in November 2018, and has grown 5x in the last one year.

The company said it is accepted as a payment option across 80 lakh micro, small and medium enterprises in over 215 cities in India. Over 56 per cent of its transactions are now driven by users in Tier 2 and Tier 3 cities. From recharges to money transfers, bill payments, to buying gold and investing in mutual funds, PhonePe said it has the widest variety of use cases and has emerged as the preferred payment app across the country. The company mainly competes with SoftBank-backed Paytm, Google Pay and Amazon Pay to tap the booming digital payment market in the country.