PhonePe captures over 42% of overall UPI P2M market share

PhonePe

Leading digital payments platform PhonePe has emerged as the largest player on UPI merchant (P2M) transactions by capturing around 42 percent of the overall market share.

The firm also processed over 1.07 billion transactions across UPI, wallet, Credit and Debit cards and emerged as the largest digital payments platform.

According to the company’s official communiqué, it is witnessing massive adoption it is seeing in Tier 4,5,6 towns and talukas and a deep focus on driving merchant acceptance in these geographies.

On Tuesday, PhonePe accepted around 18 million kiranas in the country and has put together a 50,000 strong field force to drive the company’s merchant acceptance network.

Also Read: PhonePe, Axis Bank partner on UPI Multi-Bank

More than 18 million merchants have already downloaded the PhonePe for business app, which offers them end-to-end control of the payment process right from instant payment confirmations, receipts, and reconciliations.

Further, PhonePe also offers voice notifications in 11 vernacular languages free of cost thereby helping merchants.

Vivek Lohcheb, Vice President – Offline Business Development, PhonePe said, “We are delighted to emerge as leaders in the UPI merchant transactions. Our continuous focus on reliability and ensuring highest transaction success rates is creating a great amount of trust on the PhonePe platform. That coupled with a superior product experience is leading to customers increasingly preferring PhonePe over other payment apps. Our leadership in the P2M space is due to an expansion of the market with more merchants using our platform in smaller towns.’’

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