PhonePe digitizes 25 million kiranas across India – The Economic Times

Clipped from: https://economictimes.indiatimes.com/small-biz/sme-sector/phonepe-digitizes-25-million-kiranas-across-india/articleshow/88252417.cmsSynopsis

The company now has a merchant network across 15,700 towns and villages, constituting 99% pin codes in the country.

PhonePe has announced that it has digitized 25 million small merchants and kirana stores in India. It added that offline merchant transactions on its platform have shown 200% growth since last year.

PhonePe attributed this growth to the expansion it has seen in offline merchant acceptance across geographies, with a 1,25,000 field force who have been instrumental in driving the company’s merchant acceptance network across Bharat.

The company now has a merchant network across 15,700 towns and villages, constituting 99% pin codes in the country. PhonePe had earlier announced its plans to hit the 25 million number by the end of 2021, and has achieved this target weeks ahead of schedule.

In November, PhonePe also processed over a billion P2M transactions. P2M transactions on PhonePe include payments made by users at offline and online stores and all utility payments like recharges, bill payments and financial services.

Commenting on the announcement, Sameer Nigam, Founder & CEO, PhonePe said, “Earlier this year we undertook the target of digitizing over 25 million kiranas across India, and we have achieved this milestone due to our focus in making payments accessible to the last mile, and our execution capabilities.”

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