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PhonePe claims dominance as UPI transactions soar to INR 1540 billion in Aug

Image result for vivek locheb phonepe

Vivek Locheb, Head of Offline Business Development, PhonePe

Mobile payments platform PhonePe claimed to have emerged as a market leader driving the highest number of merchant UPI transactions in August. Flipkart-owned PhonePe said it drove over 380 million transactions in August, with over 90 million offline transactions driven by the firm’s acceptance as a payment option among retailers.

Vivek Locheb, Head of Offline Business Development said, “Our interoperable QR code makes it easy and affordable for MSMEs across India to accept digital payments at zero MDR rates for mass retail kirana shops. As India’s largest transaction platform, we will continue working to digitally connect Indian consumers to local shops and service providers.”

PhonePe also said that it was the first payment player to launch the interoperable QR code and that it has deployed QR code across 6.5 million merchants across 210 cities in India.

PhonePe’s claims come in at a time when NPCI (National Payments Corporation of India) announced the UPI transaction numbers for August. According to NPCI, the total value transacted over the UPI network stood at INR 1540 billion during the mentioned month, a 5.5 percent increase from the month of July.

Additionally, the average transaction value of UPI payments stood at INR 1,682 per transaction, a marginal drop from the previous month’s INR 1,780.

NPCI data also revealed that the total IMPS (Immediate Payment Service) transactions in the country stood at 200 million in August, with a total of INR 1890 billion being transacted through the network.

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