PhonePe user base grows 40 percent in Q2, 2021

PhonePe user base grows 40 percent in Q2, 2021
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PhonePe user base grows 40 percent in Q2, 2021

Highlights

In its latest digital payments trends report called PhonePe Pulse, the company has stated that in the second quarter of 2021, PhonePe recorded more than Rs 7.47 crore of transactions on its platform.

PhonePe has released its latest report on digital finance trends in India, called PhonePe Pulse. The report reveals a series of key figures, such as the total number of transactions during the quarter, the total number of users registered to date on the platform, the total value of all payments made during this quarter, the average value per transaction, etc. upon.

The report also breaks down the data into granular sections that include state transaction data during this period, user device demographics, and more. The PhonePe Pulse report is available for everyone to download now, and it also details comparative numbers to previous quarters, to track monthly or yearly growth.

According to the report, PhonePe recorded more than 394 million transactions on its platform, with a total value of payments of more than Rs 7.47 million rupees. Of this figure, 174 million rupees were P2P transactions or personal money transfers, while merchant payments were made about 150 million rupees. Top-ups and bill payments accounted for Rs 68.5 million transactions out of the total. This marks 1.7 times more growth than last year when PhonePe recorded transactions close to 145 crore rupees in the second quarter of 2020.

In terms of users, PhonePe claims to have more than 30.5 million registered users on the platform so far. Among user smartphones, about a quarter use Xiaomi phones, followed by Samsung, Vivo, Oppo, Realme and Apple users. By comparison, the platform had 21.9 million users a year ago, marking a growth of around 40 percent in its user base over the past year. These numbers also suggest that the number of transactions made on PhonePe by each user has also nearly doubled, from more than six per quarter in the second quarter of 2020 to 13 in the second quarter of 2021.

The report further states that the top five cities for offline business transactions, which saw strong 3.13x growth on the platform over the past year, were Bangalore, Nashik, Aurangabad, Visakhapatnam and Rangareddy, outperforming several destinations. more metropolitans. The report further added: "The transactions in May 2021 showed a 4x growth over 2020 for this category.

Online food delivery and online shopping are two of the biggest use cases for online payments and they both showed a similar usage pattern through the pandemic. Prepaid mobile recharge transactions grew by 25 percent in April-May 2020, and by 32 percent in April-May 2021, compared to Mar 2020 and 2021, respectively. Timely reminder notifications influencing customer behaviour made bill payment transactions grow by over 90 percent from May 2020 to 2021."

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