Digital India: PhonePe Processes Over 1 Billion P2M Transactions In November; Has Digitised 25 Million Kiranas

Digital payments company PhonePe processed over 100 crore peer to merchant (P2M) transactions in November 2021, and it has digitised about 25 million kirana stores and small merchants in India.

P2M transactions on PhonePe constitute all the payments made by users at offline and online stores and other utility payments like recharges, bill payments etc.

The company revealed that the offline merchant transactions had recorded 200 per cent growth since last year onward.

The rapid expansion of PhonePe results from its offline merchant acceptance across different geographies, which has also been aided by its 1.25 lakh strong workforce, The Economic Times reports.

The Bengaluru-based company had taken the target of digitising more than 25 million kiranas across the country.

“PhonePe now has a merchant network across 15,700 towns and villages, constituting 99 per cent pin codes in the country,” the company revealed in its official statement.

Founder-CEO Sameer Nigam said, “PhonePe has emerged as India’s largest digital payments platform, and we are leading the industry on all key metrics which includes value and volume of transactions, registered users as well as merchant coverage.”