16 September 2024
PhonePe has emerged as a global leader in the payments industry, achieving the highest Total Payment Value (TPV) for 2024 at USD 1,545 billion, surpassing major players like PayPal, Stripe, and Adyen, according to ICICI Securities. Despite perceptions that India's payments market is saturated, PhonePe highlights that over 50% of the market remains untapped. While 750 million adults in India have bank accounts and smartphones, only 350 million use the Unified Payments Interface (UPI), signaling room for growth.
PhonePe has also successfully cross-selling financial products, having sold over 11 million insurance policies since 2020, debunking the belief that it's difficult to offer other financial services through payment apps. Additionally, 85% of PhonePe's users and merchants are outside India's top eight cities, showcasing its extensive reach in non-metro areas.
The company has also proven strong customer loyalty, with 99% of daily users making repeat transactions within 30 days, demonstrating high engagement and customer retention.
PhonePe has emerged as a global leader in the payments industry, achieving the highest Total Payment Value (TPV) for 2024 at USD 1,545 billion, surpassing major players like PayPal, Stripe, and Adyen, according to ICICI Securities. Despite perceptions that India's payments market is saturated, PhonePe highlights that over 50% of the market remains untapped. While 750 million adults in India have bank accounts and smartphones, only 350 million use the Unified Payments Interface (UPI), signaling room for growth.
PhonePe has also successfully cross-selling financial products, having sold over 11 million insurance policies since 2020, debunking the belief that it's difficult to offer other financial services through payment apps. Additionally, 85% of PhonePe's users and merchants are outside India's top eight cities, showcasing its extensive reach in non-metro areas.
The company has also proven strong customer loyalty, with 99% of daily users making repeat transactions within 30 days, demonstrating high engagement and customer retention.
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