Walmart-backed fintech platform PhonePe has announced the key digital payment trends for Q3 2021 for its PhonePe Pulse. According to the Pulse quarterly report, there has been a tremendous pace of growth in PhonePe's digital payments for the third quarter of 2021 (July-September) data.
The Total Payments Value (TPV) of transactions processed grew 23.3 per cent quarter-on-quarter to Rs 921,674 crore while the number of transactions grew by 33.6 per cent to Rs 526.5 crore transactions. For the first time, money transfers with UPI and merchant payments crossed Rs 200 crore plus transactions, clocking Rs 221 crore and Rs 231 crore transactions, respectively.
Chandigarh topped the growth charts with 50 per cent plus quarter-on-quarter transaction volumes growth, while Karnataka and Maharashtra topped the charts in terms of increase in quarter-on-quarter transactions volume, with both registering a Rs 22 crore increase.
Karthik Raghupathy, head of Strategy and Investor Relations at PhonePe said, “The rapid growth we are seeing quarter on quarter is a strong indicator that digital payments are truly penetrating across the length and breadth of the country. It is going to be an exciting next quarter with the festivities and the holiday season. We are already looking forward to interesting insights and trends from Q4 2021.”
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