BUSINESS

Northeast Region Took Lead in Digital Transactions in Q1

On Saturday, the largest online payment platform PhonePe said that the northeastern region has been a big driver of the growth in the company’s digital transactions in the Jan-Mar quarter of 2022.

Assam witnessed the fastest adoption with over 2.5 lakh merchants in 2022 compared to just 10,000 merchants in 2020, followed by Tripura, Meghalaya, Arunachal Pradesh, Nagaland, Sikkim, and Mizoram.

In a statement Karthik Raghupathy, Head of Strategy and Investor Relations at PhonePe, said “As predicted in our fourth-quarter PhonePe Pulse report, we continued to see a surge in volumes in the first quarter of 2022 across various use cases further cementing the fundamental shift in consumer behaviour towards contactless payments.”

In the first quarter of Phonepe Plus trends also revealed and saw a hike in the peer-to-peer translation (P2P) as well as person to merchant (P2M) transactions showing strong growth in both volumes.

“We are also excited about PhonePe’s P2M transactions exceeding P2P transactions indicating that digital payments have truly penetrated the merchant ecosystem and gained ubiquitous acceptance across the country,” Raghupathy said.

“This in turn is creating a virtuous loop of consumer demand fueling merchant acceptance and vice versa. We truly believe that PhonePe Pulse data will continue to enable deeper knowledge sharing in the ecosystem and are looking forward to the future innovations that this data firehose will bring about,” he added.

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