PhonePe, a leading fintech company, announced on Thursday that it had reached an annual total payment value (TPV) run rate of USD 388 billion in March of this year. In March, the company, which competes with Paytm and Google Pay in the Indian digital payments market, said it had crossed the one-billion-transaction mark in terms of UPI transactions.
“In March, we exceeded a billion UPI transactions, while total transactions across all payment instruments (UPI, wallet, and cards) were 1.3 billion. In March, we also reached an annual TPV run rate of USD 388 billion”, declared a PhonePe spokesperson. The total transaction value through the platform in a given time period is referred to as the TPV run rate.
According to data from the National Payments Corporation of India, the number of transactions via BHIM UPI more than doubled to 273 crores (2.73 billion) in March this year, up from 125 crores (1.25 billion) the previous year (NPCI). The value of UPI transactions in March 2021 was Rs 5,04,886 crore, while transactions worth Rs 2,06,462 crore were recorded in the same month last year based on the data.
In February 2021, the number of BHIM UPI transactions was 229 crore (2.29 billion) with a value of Rs 4,25,062 crore, up from 230 crore (2.30 billion) and Rs 4,31,181 crore in January. Unified Payments Interface (UPI) transactions have emerged as one of the most popular methods of making mobile payments, with significant growth, particularly in recent months as people embraced contactless digital transactions in the midst of the COVID-19 pandemic.
According to a Paytm representative, the company recorded 1.4 billion transactions in March across all payment methods, including Paytm wallet, UPI, cards, and net banking.