Walmart-owned PhonePe clocks total payment run rate of $95 billion..
India’s homegrown e-commerce giant Flipkart is one incredible success story. A lot has happened at Flipkart after the company’s 77% stake sale worth $16 billion to Walmart and the subsequent exit of Binny Bansal and Sachin Bansal, the dynamic Flipkart co-founders.
What Walmart has inherited is not just a successful e-commerce model, but also a successful fintech subsidiary that is now helping them cement their position in India’s promising e-commerce landscape.
Walmart-owned digital payments company PhonePe has now achieved an annual payments volume run rate of $95 billion, as per information released by the company.
PhonePe has also clocked 335 million transactions on UPI in July, that is a 40% share of the total 822 million UPI transactions in July 2019.
“Last month alone, the PhonePe app was used by 60 million users. This means one out of every 15 Indian adults used the PhonePe app in July,” said Sameer Nigam, chief executive officer, PhonePe.
The total payments run rate of PhonePe has grown five times over the last one year since it reported a $20 billion run rate in June 2018.
PhonePe recently received Rs 763 crore in funding from Walmart in Singapore, that the company will use to leverage the digital payments boom in the country and ward off competition from market leader Paytm and other formidable opponents in Google Pay, Amazon Pay and new entrants like WhatsApp.