PhonePe emerges as the largest player on merchant UPI transactions
PhonePe today announced that it has emerged as the market leader, driving the highest number of merchant UPI transactions in August. PhonePe app drove 380+ Million transactions in August, with 90+ Million Offline transactions. This phenomenal growth is driven by PhonePe’s acceptance as a payment option across 65 lac Kirana and retail stores across 210+ cities in India.
Speaking on the milestone, Vivek Locheb, Head of Offline Business Development said, “Our inter-operable QR code makes it easy & 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 was the first payment player to launch the inter-operable QR code. Today, the PhonePe QR code is deployed across 65 lakh merchant outlets across India. This PhonePe innovation has made it extremely simple (and free) for the neighborhood Kirana store to accept digital payments. Rather than having multiple QR codes, merchants just need to display one single QR code at their store front to accept digital payments through any Unified Payment Interface (UPI)-enabled app such as PhonePe, Paytm, Google Pay, BHIM etc.
PhonePe takes a partnership model and works very closely with all its merchants. PhonePe is helping merchants grow their business by enabling them to tap into its massive consumer platform, thereby driving more footfalls for the merchants. PhonePe had also launched the ‘PhonePe for Business’ app last year to provide faster settlement and reconciliation for its merchant partners. The app has been downloaded by more than 42 lakh merchants across India.
