Flipkart's owned digital payment firm PhonePe today announced that it achieved a phenomenal $2.5 Billion total payment volume (TPV) annual runrate. This is the fastest ramp up seen in India’s digital payments market to date. PhonePe’s monthly transactions have grown 800% since December last year, fueled largely by exponential growth in online merchant, mobile recharge and bill payment transactions. The PhonePe mobile app has been downloaded by over 40 million Indians in the past 10 months.

Sameer Nigam, Co-founder & CEO, PhonePe said, "We are excited by the rapid adoption of PhonePe across India. The $2.5 billion TPV milestone further validates that our efforts to make digital payments really easy, safe and universally accepted are starting to bear fruit. We want every Indian - whether urban or rural - to feel comfortable joining the cashless economy."

PhonePe is a Flipkart company and the fastest growing Fintech player in India. With over 40 million installs, the PhonePe App drives the maximum number of UPI transactions in India. Using PhonePe users can send and receive money, recharge Mobile, DTH, Datacards, make utility payments and shop online and offline.

On the other hand, India's biggest fintech & e-wallet firm Paytm has already achieved a USD 10 billion annual transaction volume this year, as per the company’s founder and CEO Vijay Shekhar Sharma. Post demonetization, Paytm did more than 200 million transactions in December 2016 and clocked Rs 5,000cr worth transactions in January.

Paytm has been increasingly focusing on its e-commerce business Paytm Mall, especially the O2O commerce space and it has edge over PhonePe in the offline payments space is simply because it is accepted at a larger number of merchant outlets.

PhonePe, unlike to Paytm, controls 80% of merchant transactions on the unified payments interface (UPI).

Another payment firm and close competitor to Flipkart's PhonePe is Mobikwik which has different set of strategies as compared to both Phonepe and Paytm. Mobikwik is now targeting userbase in semi-urban and rural areas as this month, the company has developed and issued a mobile payment app on behalf of BSNL called BSNL Wallet which is intented to take the reach of digital payments to semi-urban and rural India.

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