This Thursday the five-day sale on Flipkart has been closed amid of which it has supported the number of UPI i.e. Unified Payments Interface transactions through PhonePe which is Paytm’s payment arm.
More Clients Added To The PhonePe
This sale has helped PhonePe to include more number of clients and see a sharp ascent in exchanges as it offered soak cashbacks of up to 30% for all exchanges for the deal made through its application.
PhonePe Confirms 2.5 Million Of Transaction Amid Flipkart Sale
According to the CEO of the company, Sameer Nigam, PhonePe saw 2.5-million exchanges in the five days of the Flipkat Sale for an aggregate estimation of Rs 250 crore and its wallet counts 1 million exchanges and the rest originating from credit or debit cards.
PhonePe affirmed 1,20,000 exchanges a day on UPI amid the time of May before the sale.
Instant Cashback Offer Leads More Transaction and app download
Nigam said that, “The Big 10 Sale was a big proof of concept as we saw unprecedented traffic on the app and millions of shoppers were able to transact, pay and get instant cash backs seamlessly”.
He added that 40% of all prepaid transactions was done through PhonePe which included all the three sites owned by Flipkart. Around 90% of the transactions were done through the mobile app. PhonePe also confirmed 1.6 million app downloads in five days.
2 Lakh Of UPI Transaction Per Day By PhonePe
PhonePe’s figures are probably going to give a lift to UPI numbers this month. As per National Payments Corporation of India (NPCI), almost 3 lakh UPI transactions have been completed each day during the month of May. Out of which, PhonePe has alone recorded more than 2 lakh UPI transaction in a day of the week.
UPI For Merchants In Nearby Future
Chief operating officer of NPCI, Dilip Asbe said that, “PhonePe’s adoption of UPI in merchant payments will help to unleash the potential of the platform among merchants. We see huge growth in UPI for merchants in the next six months”.
BHIM app Vs PhonePe
The sale has assisted PhonePe to cross the daily transaction count of the government supported BHIM app. As per latest data of NPCI, the BHIM application has recorded 3.1 million transactions in April month and it directly reflects that it has recorded almost 1 lakh transaction per day in this month. Although the transaction record of BHIM for the month of may is yet to be available.
PhonePe will lead in its arena
Whereas, in comparison of all private players, BHIM application has the most astounding offer among the UPI exchanges and now PhonePe appears to be a leader in this section and the numbers amid the Flipkart Sale appears to add fuel to the fire.