PhonePe, leading fintech platform, today announced key digital payment trends from PhonePe Pulse’s Q3 (July – September) 2021 data. The new data made available on the Pulse website, and as part of the Pulse quarterly report, reveals tremendous pace at which digital payments continued to grow in Q3 2021.
The key highlights of the quarter were:
The Total Payments Value (TPV) of transactions processed grew 23.3% QoQ to INR 921,674 Cr while the number of transactions grew by 33.6% to 526.5 Cr transactions. The continued growth in both these metrics is a clear indication of increasing consumer trust in digital payments.
For the first time ever, money transfers with UPI and merchant payments hit a new milestone of 200 Cr.+ transactions clocking 221 Cr. and 231 Cr. transactions respectively.
Offline merchant payments grew faster than online merchant payments registering a QoQ growth rate of 65% which is an indicator of recovery post the second wave of the pandemic and stores rapidly opening up.
Furthermore, the trend of digital payments becoming a Pan-India habit also continued, with 720 out of 726 districts in the country registering positive growth in digital transactions volume. This is also shown in the number of registered users which grew from 30.5 Cr. to 32.8 Cr.
Karthik Raghupathy, Head of Strategy and Investor Relations at PhonePe said, “When we launched PhonePe Pulse, we committed to publishing data periodically, and we are delighted to share the insights from the first Pulse data refresh. The rapid growth we are seeing quarter on quarter is a strong indicator that digital payments are truly penetrating across the length and breadth of the country. It is going to be an exciting next quarter with the festivities and the holiday season, we are already looking forward to interesting insights and trends from Q4 2021.”