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PhonePe aims to capture the Tier-5 and beyond market in the next 2 years

PhonePe

By December 2022, PhonePe plans to double its consumer user base to 500 million by investing and deploying manpower particularly in Tier-5 and beyond towns and cities. The company has 100 million monthly active users and processed 825 million transactions on the Unified Payments Interface (UPI) platform in October this year, giving the payments app a market share of 40% in UPI transactions, it said in a press release last week. In an interview with MediaNama, PhonePe's head of payments Hemant Gala said that the company plans to double its merchant base to 25 million from 12 million at present on its payments network by next year, Hemant Gala, PhonePe's head of payments, banking and financial services told MediaNama. "Our vision is to become the largest transactions player in the country which is built on digital payments," he said." PhonePe…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

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