Hyderabad: Digital payments platform PhonePe, with its 150 million user base, is driving merchant unified payments interface (UPI) transactions in India. The company had launched its own Apps platform last year, and today its customers can place orders on 50 different apps within the PhonePe Mobile App. It is looking to take this number to 1,000 by the end of this year.
Using the platform, users can send and receive money, recharge mobile, DTH, data cards, make utility payments and buy gold. PhonePe is accepted across 30 lakh merchant outlets, nationally. The platform has 50 million monthly active users.
Karthik Raghupathy, Head of Strategy & Planning, PhonePe, told Telangana Today, “Driving the consumer adoption of digital solutions and adding more use cases to the PhonePe app will be our focus in the coming year. The entire payments process is simple, fast and seamless ensuring consumers have a convenient experience, and the interoperable nature of the payment solutions ensures merchants also see tremendous value in that. In the offline space, while we are seeing great traction in the metros and tier 1 cities, this year we will focus on expanding our presence across tier 2 and tier 3 cities as well.”
He added, “We plan to increase our acceptance at offline and online merchants and add more micro-apps to the PhonePe platform. Our focus will be to continue to expanding our acceptance across offline stores.”
PhonePe recently introduced the stores tab on the app that provides hyper-local discovery for its partner merchants. This feature allows consumers to find out all the different merchants in their vicinity that accept PhonePe and gives them the capability to call a store, find the store address and know store timings.
“We will also be introducing features that will allow merchants to showcase the offers to users effectively building a more holistic experience for consumers. PhonePe now also has a merchant app to facilitate end-to-end control for merchants on the payment process, including transaction confirmation and reconciliation. We are also planning to launch a few new services for consumers in the mutual fund and insurance space in 2019.”
The company which crossed two billion transactions recently witnessed its online and offline merchant transactions growing 5x in the last six months.
“We hit the one million merchant mark in January and we have already increased our merchant acceptance number to over 4.5 million merchants across 130 cities in India. This growth has been fueled by our customised payment solutions for different segments. Small merchants can use the ubiquitous QR Code Solution, which just requires a feature phone to get started, while more organised merchants can use our Billing POS Integrated Solutions. Our solutions do not require extensive training for cashiers or proprietors and this has led to a massive surge in our reach across both urban and rural markets,” Raghupathy added.
On the geographic footprint, he said, “PhonePe users are spread across130 cities of India. While a lot of users in the top metros contribute to our transactions, we also continue to see the Tier 2 and 3 regions contribute significantly to our numbers. Hyderabad is a very big contributor to our growth and we see a lot of new and repeat users from Telangana.”
The company which sells gold on its platform said that, in 2018 alone, it has sold roughly 600 kg of gold on PhonePe.