Digital payments platform, PhonePe recently announced that it has crossed 5 billion transactions on its app. According to a press release, this landmark was achieved by PhonePe’s reach and adoption across the country. PhonePe is accepted as a payment option across 80 lakh MSMEs in over 215 cities in India, the release noted. Over 56 per cent of its transactions are now driven by users in tier two and three cities.
Commenting on the milestone, founder and CEO, PhonePe Sameer Nigam said, “We are delighted to reach this milestone and are thankful to our customers and merchant partners for reposing their trust in us. Our journey over the last 4 years has been incredible, not just in terms of the growth of the platform but also in realizing the social impact that payments and financial services can create.”