PhonePe, the Flipkart-owned company and the biggest user of UPI (Unified Payments Interface), claimed that it overhauled the BHIM app or Bharat Interface for Mobile of the government with a 45% stake of the entire payments in last month.
The firm claimed PhonePe increased the number of UPI payments more than 2 x from 3.5 Million in May to 7.47 Million in August and its stake elevated progressively from 36% in June and 39% in July. Sameer Nigam, CEO of PhonePe, claimed that the forthcoming next variant of UPI will drive usage further and allow various new features.
The firm is on an overdrive to grab on fresh merchants, both online and offline, ahead of the season of festival, which is just round the edge, Nigam claimed. “We have already incorporated almost 30 of the leading 100 online vendors in the offline space and on the PhonePe app. In addition to this, we are going live in 15 chains all over India this quarter,” he claimed.
Online companies such as RailYatri, FreshMenu, Box8, AbhiBus, and TicketNew have incorporated with PhonePe while offline companies such as Barista, Apollo Pharmacy, Cafe Coffee Day, and Spencer’s Retail are providing PhonePe as an option for payment. “The bulk of our vendor payments are via UPI,” claimed Nigam.
As per the latest data rolled out by the NPCI (National Payments Corporation of India), the total number of UPI payments in August stands at 16.6 Million, of which the share of BHIM was 41% with almost 6.8 Million payments. Nigam claimed that PhonePe gained a phenomenal 66% volume growth was seen as in August compared to the previous month.
NPCI did not reply to the media’s email looking for comment. PhonePe lately rolled out the payment container that permits users to save credit and debit card along with wallets so that they can have all their options of payment kept at one single place. “Out of the complete payments, 70% are via UPI,” claimed Nigam. The amount of billers has increased from just 15 at introduction last year to 100, he claimed, and comprises broadband and landline service providers, electricity companies, and cooking gas suppliers.