Fintech important PhonePe on Thursday mentioned it has hit an annual total payment worth (TPV) run price of USD 388 billion dollars in March this year. The firm, which competes with players like Paytm and Google Pay in the Indian digital payments industry, mentioned it has crossed the one-billion mark in terms of UPI transactions in the month of March.
“We crossed a billion UPI transactions in March, while our total transactions across all payment instruments (UPI, wallet and cards) was at 1.3 billion. We also hit an annual TPV run rate of USD 388 billion in March,” a PhonePe spokesperson mentioned. TPV run price refers to the total transaction worth by means of the platform in a offered time period.
The quantity of transactions by means of BHIM UPI more than doubled at 273 crore (2.73 billion) in March this year as against 125 crore (1.25 billion) transactions in the year-ago period, as per information from the National Payments Corporation of India (NPCI). The worth of transactions in the course of March 2021 by way of UPI stood at Rs 5,04,886 crore, whilst transactions worth Rs 2,06,462 crore had been registered in the identical month final year, the information showed.
In February 2021, the quantity of BHIM UPI transactions had been at 229 crore (2.29 billion) valued at Rs 4,25,062 crore, whilst in January, such transactions and worth had been 230 crore (2.30 billion) and Rs 4,31,181 crore, respectively. Unified Payments Interface (UPI) transactions has emerged as one of the most well-liked techniques to make mobile payments, and has noticed substantial development, specifically more than the previous several months as individuals embraced contactless digital transactions amid the COVID-19 pandemic.
A Paytm spokesperson mentioned the firm recorded 1.4 billion transactions in March across all payment techniques, such as Paytm wallet, UPI, cards and netbanking.