Walmart-owned digital payments firm PhonePe said that it had processed more than 100 million transactions in a single day. This remarkable milestone is achieved on the back of the highest end-to-end success rates in the industry. It is a testimony to the commitment and quality of PhonePe’s engineering team. The Bengaluru-based firm competes with players such as Paytm, Google Pay and Amazon Pay. It has 165 million monthly active users.
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PhonePe currently processes over 2.5 billion transactions a month at an Annual TPV run rate of $780 billion and is India’s leading Fintech platform. PhonePe’s phenomenal growth comes from rapid traction across Tier 2, Tier 3 cities and beyond. The app has seen digital transactions from over 19,000 pin codes, constituting more than 99 per cent of the country. This remarkable growth is a clear indicator of solid user preference for the platform backed by superior product experience.
“This is a big milestone for us and has been achieved by the best-in-class payments success rates and fastest speed of transactions, backed by a superior product experience,” said Rahul Chari, CTO and Co-Founder, PhonePe. “We use technology to predict the likelihood of success of a transaction based on historical behaviour, which allows us to offer 99.99 per cent system uptime. As we continue to work towards building a payments platform for a billion Indians, I would like to acknowledge the commitment and quality of our tech and engineering teams in our success.”