Merely two months after the Unified Payments Interface (UPI) crossed the billion mark in October 2019, PhonePe, a digital payments platform, which is owned by Flipkart, has been able to surpass 5 billion transactions on its platform, cited Inc42.
As per the company, the Bengaluru-based platform PhonePe has noted a 5x increase since November 2018, when it had noted 1 billion transactions. It also claimed that nearly 56 per cent of the 5 billion transactions come from Tier 2 and Tier 3 cities.
Whereas, Phone Pe reported a loss of INR 1904.72 Cr in the financial year 2019, ending March.
While, in terms of revenue, it has recorded a 401 per cent hike with INR 245.8 crore in FY19, compared to INR 49 crore in 2018.
It is a financial technology company, headquartered in Bangalore, India. It provides an online payment system based on Unified Payments Interface (UPI), which is a new process in electronic funds transfer launched by National Payments Corporation of India.