PhonePe Sees 158X Jump In Monthly Transactions Over 6 Years
by Bhupendra Paintola · Inc42SUMMARY
- While the transactions processed in a month were a mere 5 Cr in March 2018, it has increased to 772 Cr as of March 2024
- The total value of transactions processed in a month also surged 151X to reach INR 10.47 Lakh Cr in March 2024 from INR 6.9K Cr in 2018
- As of March this year, PhonePe boasted nearly 53 Cr registered users and around 20 Cr monthly active customers
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Fintech major PhonePe has reported a 158X growth in monthly transactions processed between March 2018 and March 2024, driven by a host of factors, including AI, democratisation of payments and strong market performance among others.
While the transactions processed in a month were a mere 5 Cr in March 2018, it has increased to 772 Cr as of March 2024, according to the data by PhonePe in its annual report.
Following a similar trail, the total value of transactions processed in a month also surged 151X to reach INR 10.47 Lakh Cr in March 2024 from INR 6.9K Cr in 2018.
As of March this year, PhonePe boasted nearly 53 Cr registered users and around 20 Cr monthly active customers.
The count of devices present with the merchants, including smart speakers and EDC (electronic data capture) machines also surpassed the 50 Lakh mark by March 2024.
A notable aspect revealed in the annual report was PhonePe’s ability to reach users beyond major urban centres. Over 80% of users and merchants are located outside India’s top eight districts.
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Another major focus of the company remained in its automation and efficiency. From March 2018 to 2024, although the transactions surged over 40 times, the customer service team witnessed a significant reduction of 60%. For the given period, the team was downsized from 1,100 agents to over 400 agents.
“This efficiency was achieved by increasing automated customer service issue resolutions powered by AI-driven chatbots, to over 90%,” the company said in its report.
Alongside all these, PhonePe has also invested in building several Software as a Service (SaaS) platforms around user authentication, profile management and safety.
One such SaaS solution is “Guardian by PhonePe” which offers risk and fraud detection and runs over 3000 Cr evaluations on daily transactions.
Notably, the company added that this product is now being offered as a licensed product for global markets.
In terms of the overall UPI market shares, PhonePe retained its leadership in the segment, holding 48.4% market share as of August 2024.
On the financial front, the Walmart-owned company said that its revenue grew 74% to INR 5,064 Cr in FY24 from INR 2,914 Cr in FY23.
The fintech major also claimed that it turned profitable before ESOP costs during the financial year ended March 31, 2024.
The startup said it posted an adjusted profit after tax (PAT) of INR 197 Cr in FY24 as against an adjusted loss after tax of INR 738 Cr in the previous fiscal year.
It is pertinent to note that PhonePe posted a net loss of INR 2,795.3 Cr in FY23.