Digital payment company PhonePe claimed to have topped the mobile payments market in India, after achieving what it described as record-breaking milestones in October.
In a blog, the company said the platform recorded an all-time-high of 925 million transactions, with 835 million Unified Payments Interface (UPI)-based payments processed.
PhonePe said it gained a “leading” market share of more than 40 per cent and its annual total payment volume (TPV) run rate totalled $277 billion.
It also recorded 2.3 billion app sessions, while its user base surpassed the 250 million mark, 100 million of those being active on a monthly basis.
Sameer Nigam, founder and CEO, set a goal to have 500 million users by December 2022.
TechCrunch reported Google Pay processed approximately 820 million UPI transactions in October, taking second spot, followed by Paytm and Amazon Pay.
WhatsApp has also set eyes [1] on entering the market, but its move reportedly faced hurdles including a probe [2] by the Competition Commission of India initiated in May.
In June, Business Insider India cited a report by Bernstein which claimed Google Pay was the market leader in May with 75 million users making transactions.
The digital payments market in India is experiencing rising adoption, with the National Payments Corporation of India (NPCI) announcing a total of 2.07 billion UPI transactions were conducted in October.
[1] https://www.mobileworldlive.com/apps/news-apps/whatsapp-to-launch-money-service-in-india
[2] https://www.mobileworldlive.com/money/news-money/india-watchdog-scrutinises-whatsapp-money-move
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