On May 25th, 2023, PhonePe, the leading digital payments app, has achieved two remarkable milestones in its operations. It has become the first app to successfully link 200,000 RuPay credit cards to the Unified Payments Interface (UPI). Additionally, PhonePe has processed a Total Payment Value (TPV) of Rs.150 crore through RuPay Credit on UPI.
- Enabling Linkage of RuPay Credit Cards to UPI:
PhonePe has pioneered the seamless linkage of RuPay credit cards to UPI, setting a new industry standard. This achievement demonstrates the company’s commitment to providing comprehensive solutions for RuPay Credit on UPI in collaboration with the National Payments Corporation of India (NPCI).
- High Merchant Penetration:
PhonePe has ensured widespread acceptance of RuPay Credit Cards on UPI by enabling their usage at 12 million merchant outlets across the country. This achievement represents the highest merchant penetration in the ecosystem, providing customers ample opportunities to utilize their RuPay credit cards for transactions.
- Driving Adoption and Usage:
PhonePe is actively promoting the adoption of RuPay credit cards through UPI as the preferred payment option. Through contextual communications and intuitive nudges on the PhonePe App, the company encourages customers to embrace RuPay credit cards for their transactions. PhonePe aims to scale the penetration of RuPay Credit in the country through enhanced functionalities in collaboration with NPCI.
Sonika Chandra, Vice President Consumer Platform and Payments at PhonePe, expressed her excitement about the milestones and the partnership with NPCI. She emphasized the transformative potential of RuPay cards on UPI and PhonePe’s dedication to meeting the evolving needs of customers and merchants. Chandra also noted that Merchant Discount Rate (MDR) is applicable for RuPay on UPI, and merchant partners are actively driving the usage of RuPay among customers.
Founded in December 2015, PhonePe has emerged as India’s largest payments app, facilitating digital inclusion for both consumers and merchants. With over 460 million registered users, PhonePe has successfully digitized over 35 million offline merchants across Tier 2, 3, 4, and beyond, covering 99% of pin codes in the country. The company is also a leader in the Bharat Bill Pay System (BBPS), processing a significant portion of transactions on the BBPS platform.
PhonePe offers financial services, including mutual funds and insurance products, empowering every Indian with access to convenient and secure investment options. Recently, PhonePe was recognized as the Most Trusted Brand for Digital Payments according to the Brand Trust Report 2022 by Trust Research Advisory (TRA).
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