PhonePe, founded in December 2015 and now among India’s largest payments app hits USD $ 1 Trillion (Rs 84 lac Crs) annualised Total Payment Value (TPV) runrate.

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The company claims in excess of 50 per cent market share by value and digitized more than 35 million offline merchants spread across Tier 2,3,4 cities. This payments app is also incrementally investing in new businesses like Insurance and Wealth Management.

Commenting on the strong performance, Sonika Chandra, Head of Consumer Business at PhonePe said, "We are deligted to reach the USD $1Tn annualized TPV runrate. Our focus on simplifying customer experience while ensuring fast, secure and reliable transactions, has helped us win the trust of millions of Indian users. We look forward to turbo-charging the next wave of growth for UPI payments in India with offerings like UPI lite, UPI international and Credit on UPI, to enable greater financial inclusion for Indians.’’

PhonePe also announced that it has received an in-principle approval for its PA license from the RBI. This approval will allow the company to scale its simplified payment solutions, and enable digital inclusion for millions of small businesses and SMEs in the country.