PhonePe emerges as largest player on UPI merchant transactions

Digital payments platform PhonePe claimed on Wednesday that it has emerged as the largest player on UPI merchant (P2M) transactions capturing over 42 per cent of overall market share.

PhonePe had recently also emerged as the largest digital payments platform processing over 107 crore transactions across UPI, wallet, credit and debit cards.

The company attributed the growth to massive adoption in tier 4, 5 and 6 towns besides talukas, and a deep focus on driving merchant acceptance in these geographies.

"Our continuous focus on reliability and ensuring highest transaction success rates is creating a great amount of trust on the PhonePe platform," said Vivek Lohcheb, Vice President for company's offline business development.

"That coupled with a superior product experience is leading to customers increasingly preferring PhonePe over other payment apps," he said.

PhonePe is accepted across 1.8 crore kiranas in the country and has put together a 50,000 strong field force to drive the company's merchant acceptance network.

It also offers voice notifications in 11 vernacular languages free of cost, thus helping merchants during peak business hours by announcing the amount received from a customer without the merchant having to check the customer's phone screen or waiting for a bank message.

( With inputs from ANI )