Mumbai: Digital payments major PhonePe has processed more than 100 million transactions in a single day for the first time, the company said in a statement on Wednesday.

PhonePe said it processes more than 2.5 billion transactions a month with an annual total payment value (TPV) run rate of $780 billion. It also claimed to have 165 million monthly active users, with most of its growth coming from tier-2 and tier-3 cities.

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For comparison, PhonePe said In January that its user base had grown to 350 million from 273 million in December. It also reported 150 million monthly active users and an annualised total payment value (TPV) of $651 billion in December.

“This is a big milestone for us and has been achieved by the best-in-class payments success rates, and fastest speed of transactions, backed by a superior product experience. We use technology to predict the likelihood of success of a transaction based on historical behaviour, which allows us to offer 99.99% system uptime,” said Rahul Chari, chief technology officer and cofounder of PhonePe.

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PhonePe claims to have a merchant acceptance network of 30 million offline merchants across 19,000 PIN codes. To expand its financial offerings, the company has also applied to the Securities and Exchange Board of India (Sebi) for a mutual funds licence. According to data from National Payments Corporation of India (NPCI), PhonePe continues to be one of the largest processors of unified payments interface (UPI) transactions, accounting for almost 47% of the market in March 2021. It processed close to 2.5 billion UPI transactions last month.

PhonePe also acquired GigIndia, a marketplace for gig workers, last month to expand its offerings to corporate and enterprise partners and add more revenue streams to its business.

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