PhonePe clocks 335 mn transactions in July

New Delhi: Flipkart-owned PhonePe on Friday said it has achieved an annual total payment value (TPV) run rate of $95 billion, while clocking 335 million transactions in July.

"PhonePe's TPV run rate has grown nearly 5X in the past year, since crossing the $20 billion mark in June 2018.

This phenomenal growth has come on the back of the exponential expansion of PhonePe's merchant network, both online and offline," a statement said.

TPV run rate refers to the total transaction value through the platform in a given time period.

The company, which competes with the likes of Paytm, Google Pay, Amazon Pay and others in India's digital payments space, recently received a fund infusion of about Rs 698 crore from PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments).

"We are thrilled by the rapid adoption of PhonePe services across India. Last month alone, the PhonePe app was used by 60 million users" PhonePe CEO Sameer Nigam said.