PhonePe on April 13 said it has processed more than 100 million transactions in a single day. It said this single milestone is achieved on the back of the highest end-to-end success rates in the industry.
It said it currently processes over 2.5 billion transactions a month at an Annual TPV run rate of $780 billion and is India’s leading Fintech platform. It added that the phenomenal growth comes on the back of rapid traction across Tier 2, Tier 3 cities and beyond. The app has seen digital transactions from over 19,000 pin codes, constituting more than 99% of the country. This remarkable growth is a clear indicator of strong user preference for the platform backed by superior product experience, it added in a statement.
Rahul Chari, CTO and Co-Founder, PhonePe said in a statement, “This is a big milestone for us and has been achieved by the best-in-class payments success rates, and fastest speed of transactions, backed by a superior product experience. We use technology to predict the likelihood of success of a transaction based on historical behavior, which allows us to offer 99.99% system uptime.”
Chari added, “As we continue to work towards building a payments platform for a billion Indians, I would like to acknowledge the commitment and quality of our tech and engineering teams in our success.’’