Homegrown fintech platform PhonePe on Monday announced that it had clocked over 250 million registered users.
The company said that it had over 100 million monthly active users (MAU) and 2.3 billion app sessions in October 2020.
Sameer Nigam, CEO and Founder of PhonePe said, ‘’We are thrilled to have crossed the 250 million user milestone, and are grateful that so many Indians continue to repose their trust in our services.”
“Our next target is to cross 500 million registered users by Dec 2022,’ he said.
He further added that the company will continue to launch new products and enable digital payments for more merchants across India.
The company said that it had a “record month” in October, processing 925 million transactions, its highest so far, with an Annual TPV Runrate of $277 billion. The payments platform also processed 835 Million UPI Unified Payments Interface) transactions in October.
UPI transactions have witnessed a massive boom in the country amidst the festive season and sustained preference for digital payments in the ongoing pandemic.
According to latest data by the National Payments Corporation of India, UPI transactions have crossed the 200-crore mark in October. UPI transactions amounted to 207.16 crore in October, processing ₹3.86 lakh crore of payments last month.