Flipkart-backed PhonePe said that it saw a 150% growth in transactions during Flipkart’s 5 day ‘Big Billion Days’ festive season sale.
- PhonePe processed transactions worth Rs 100 crore in a day
- 55% of all the transactions on the platform were via UPI
- 25 times growth in the number of transactions in a day (
note: compared to what unclearUpdate: PhonePe says that this is compared to the usual number of transactions seen through Flipkart via PhonePe on a daily basis)
- Processed transactions from all 29 states and 7 UTs
Every year, e-commerce players like Amazon, Flipkart, Myntra and others run multiple day sales during the festival season (usually at this time of the year) offering discounts across categories. This year, Flipkart reportedly surpassed Amazon in terms of sales value and captured a larger share of the market, although Amazon has disputed the claim.
Flipkart’s PhonePe acquisition
Flipkart acquired PhonePe in 2016 before PhonePe had launched any product, and has ever since put its money in the payments firm. Most recently, Flipkart infused Rs 451 crore into PhonePe via Flipkart Payments, a Singapore-held subsidiary of the company. The company offers rewards and cashbacks on payments via PhonePe, BajajFinserv, among other services.
Note that Flipkart (and Amazon) has another upcoming sale period during which transactions (including on PhonePe, and including UPI transactions) could see a spike.
In August, the National Payments Corporation of India (NPCI) had reported 235.6 million UPI transactions in July, out of which, PhonePe had claimed 40% of the market, which is 94 million transactions that month.
PhonePe claims 150 million installations of the app with over 3 lakh online and offline merchants on its platform.