PhonePe Made 10 Billion Transaction in September Quarter





PhonePe made $920 billion in total annualized payments in the September quarter, and said in its earnings call on Nov. 15 that it hit a record 3.6 billion monthly transactions.
“PhonePe continues to perform well, with gross annual payments of $920 billion and record monthly transactions of approximately $3.6 billion. This is the first time PhonePe has recorded over 10 billion transactions in a quarter.” Walmart's CFO said in a post-earnings conference call with analysts.

The majority of his 10 billion transactions in the third quarter (9.358 billion) were United Payments Interface (UPI) transactions, according to NPCI data. During the quarter, PhonePe captured 45% market share in his UPI volume and 47% market share in total UPI transactions.

Meanwhile, the company has also started testing its own payment gateway as an extension of its current Quick Response (QR) code-based UPI payment service and in-app payments.

Walmart-owned fintech is in talks to raise a new round of funding worth over $12 billion led by General Atlantic, making Walmart-backed startup one of India's most valuable fintechs. We reported earlier that
If the
round is successful, PhonePe will use the raised funds to double down on its ambition to become a financial services super app that offers everything from payments to insurance to investments and trading. Also acquired by Walmart, he is set to join Flipkart, Paytm (listed last year), Byju's, Swiggy, and others in a 10-grain, or $10 billion-plus, startup.

PhonePe's valuation will also surpass digital payments and neo-banking unicorn Razorpay.

In addition, the fintech giant has moved its registered entity from Singapore to India ahead of plans to launch its IPO in Singapore.

Revenue for fiscal year 2022 reached Rs 1,646 billion, up 138 per cent from the previous financial year, due to growth in all its businesses, the company said last month.
PhonePe Made 10 Billion Transaction in September Quarter PhonePe Made 10 Billion Transaction in September Quarter Reviewed by receiverteam on November 18, 2022 Rating: 5

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