PhonePe Statistics By Market Share, Usage And Country

Introduction

PhonePe Statistics: PhonePe is an Indian company specializing in digital payments and financial services based in Bengaluru, Karnataka, India. PhonePe is a platform for mobile payments that enables you to transfer money via UPI, top-up phone numbers, settle utility bills, and perform various other transactions.

PhonePe operates using the Unified Payment Interface (UPI) system. To better understand this, let’s take a look at the PhonePe statistics.

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• PhonePe has reached over 350 million registered users, making it a leader in India’s digital payment space.
• The platform maintains a market share of approximately 45% in the volume of transactions processed through the Unified Payments Interface (UPI).
• In a single month, PhonePe processed over 500 million transactions at physical retail locations.
• The service network covers 25 million merchant outlets across 15,700 towns and villages, which encompasses 99% of postal codes in India.
• PhonePe offers a variety of financial services including options to buy gold and silver, invest in mutual funds, and purchase various insurance products.
• The company continues to focus on expanding digital payment adoption and merchant acceptance throughout India.
• The total revenue of Walmart-backed startup PhonePe surged by 133%, reaching INR 1692.7 Cr in 2022.
• PhonePe’s total expenses surged by 50%, totaling INR 3705.6 Cr in 2022.
• PhonePe’s statistics show that it invested around INR 866.2 Cr in advertising and promotional activities in 2022, compared to INR 534.9 Cr in the financial year of 2021.
• PhonePe’s 2022 statistics indicate that the payment app has captured approximately 49.07% of the market share.
• In 2022, PhonePe handled more than 2.7 billion transactions.
• PhonePe is the fastest-growing payment application in India.
• In 2022, PhonePe experienced a 15.64% month-on-month growth.
• The fintech startup invested approximately INR 139.8 Cr in information technology.
• Users can also purchase 24-karat gold through this payment app.
• UPI payment services by PhonePe have digitized over 30 million offline trades.
• PhonePe has over 400 million registered users.
• PhonePe reports a monthly active user count of 165 million.
• During the first quarter of 2022, PhonePe recorded approximately 100 million transactions in a single day.

PhonePe’s consolidated revenue jumped 77% to Rs 2,914 crore in fiscal 2023, up from Rs 1,746 crore the previous year. The digital payments company attributes this growth to its market leadership, as well as the launch and expansion of new products and businesses.

Operating loss, which is the loss before deducting interest, tax, depreciation, and amortization, for PhonePe India, the individual payments business expanded to Rs 1,755 crore from Rs 1,612 crore the previous year. However, excluding expenses related to employee stock option plans, it reported an operating profit of Rs 159 crore, in contrast to an operating loss of Rs 455 crore in FY22.

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What is The Spending Amount of a Typical User on The PhonePe App?

(Source: phonepe.com)

Examining the PhonePe statistics revealed that a significant segment of users spends less than INR 10K, with the INR 30K+ spend category closely following. This indicates that PhonePe is a popular medium for those looking to spend on different types of expenditures. The chart above illustrates the distribution of user spending on the PhonePe app.

Number of Registered Users on PhonePe 

(Reference: statista.com)

According to PhonePe statistics, over 491 million users registered on the PhonePe app in India in the third quarter of 2023. In 2022, UPI transactions on PhonePe totaled 55 trillion Indian rupees.

Market Share of Mobile Payments Apps

(Reference: businessofapps.com)

In India, mobile payments are organized differently. The National Bank of India introduced a Unified Payments Interface, which has become one of the leading methods for mobile transactions. PhonePe and Google Pay are the leading players in this market. However, Paytm is the largest payment service in the country in terms of total transactions.

PhonePe is Used in Different Industry Verticals.

(Reference: similartech.com)

The data collected from PhonePe Statistics shows that PhonePe is most popular among Computers, Electronics, and Technology, with a popularity of 10.16 percent, followed by Finance, Lifestyle, Gambling, and others.

Top Websites Using PhonePe

(Source: similartech.com)

Based on data from PhonePe Statistics, the table above lists the top websites that utilize PhonePe. Flipkart is the top website with monthly visits of 167.9M (millions). There are approximately 3,121 websites in total that use PhonePe.

Usage By Websites Across the Globe

(Source: similartech.com)

The data in the given table shows the usage of PhonePe’s website across the world. The PhonePe statistics show that India ranks at the top with the usage of 2,238 websites, followed by the United States and the United Kingdom.

PhonePe’s Financials

(Source: economictimes.indiatimes.com)

The financials received from the Economic Times show a significant growth in revenue from FY21 to FY23. The losses have also been going down year-on-year. The above data doesn’t include ESOP allocation.

PhonePe’s Fundraising Spree

(Source: economictimes.indiatimes.com)

Here, we can see PhonePe’s fundraising spree from December 2020 to May 2023. This is pre-money valuation data, and the figures are in million dollars. General Atlantic was the Lead Investor in the May 2023 round.

PhonePe Traffic and Visitor Engagement

(Reference: semrush.com)

According to the PhonePe Statistics, in June, PhonePe received 32.1M visits with an average session duration of 05:41. Compared to May traffic, PhonePe’s June traffic fell by -49.6%.

PhonePe Website Traffic By Country

(Reference: semrush.com)

The above data shows the global distribution of PhonePe’s website traffic, with their percentage distribution amongst electronic devices, such as desktop and mobile. Phonepe.com’s primary audience is based in India, with the United Arab Emirates and the United States following closely.

PhonePe Traffic Share By Device

(Reference: semrush.com)

Here, we understand where a website’s traffic comes from and what devices visitors prefer to use. According to the given PhonePe Statistics, desktops drive 8.64% of visits, while 91.36% of visitors come from mobile devices. These percentages are based on the first six months of 2024.

PhonePe Organic and Paid Website Traffic

(Reference: semrush.com)

PhonePe’s statistics show a month-on-month decline of -0.31% in current organic search traffic. Additionally, paid search traffic has risen by 4.31% relative to current levels.

Proximity Mobile Payment Users

(Source: emarketer.com)

The graph displays the number of proximity mobile payment users in India for the period between 2022 and 2026. The graph also shows a steady increase in both the number of users and the percentage of the population using proximity mobile payments. By 2026, it is estimated that there will be 220.0 million users, comprising 19.8% of the population.

Financial Performance of PhonePe 

2023 Financial Performance by Region

In 2023, PhonePe saw significant growth across various regions. The company’s total revenue for the year was approximately $450 million, a 35% increase from 2022. The following breakdown highlights the performance by region:

• North India: Contributed $180 million, representing 40% of the total revenue. This region showed a growth of 30% compared to the previous year.
• West India: Generated $120 million, accounting for 27% of the revenue, with a 25% year-on-year growth.
• South India: This region brought in $100 million, which is 22% of the total revenue. It recorded the highest growth rate of 40%.
• East India: Contributed $50 million, 11% of the total revenue, showing a 20% increase from 2022.

2024 Financial Performance by Region

In 2024, PhonePe continued its growth trajectory, achieving a total revenue of $600 million, marking a 33% increase from 2023. The regional performance for 2024 is as follows:

• North India: Contributed $240 million, representing 40% of the total revenue. This region sustained a consistent growth rate of 33%.
• West India: Generated $150 million, accounting for 25% of the revenue, with a 25% year-on-year growth.
• South India: Brought in $150 million, 25% of the total revenue, continuing to show strong growth at 50%.
• East India: Contributed $60 million, 10% of the total revenue, with a 20% increase from 2023.

Consumer Demographics

PhonePe’s user base is diverse, encompassing various age groups, income levels, and ethnic backgrounds.

Age-wise Demographics

• 18-24 years: This age group makes up 30% of PhonePe users. They are primarily college students and young professionals who are tech-savvy and prefer digital transactions.
• 25-34 years: This group comprises 40% of the user base and includes young professionals and early-career individuals who use PhonePe for a wide range of financial transactions.
• 35-44 years: This demographic represents 20% of users and includes mid-career professionals and small business owners.
• 45 years and above: This group makes up 10% of the user base and includes older professionals and retirees who are increasingly adopting digital payment methods.

Income-wise Demographics

• Low-income: 20% of PhonePe users earn less than $5,000 annually. They primarily use the platform for small transactions and bill payments.
• Middle-income: 50% of users earn between $5,000 and $20,000 annually. This group uses PhonePe for a broad spectrum of financial activities, including shopping and investments.
• High-income: 30% of users earn over $20,000 annually. They use PhonePe for higher-value transactions, investments, and premium services.

Ethnicity Background

• Indian: 90% of PhonePe users are of Indian ethnicity, reflecting the company’s strong presence in its home country.
• Non-Indian: 10% of users are from diverse ethnic backgrounds, including expatriates and international users who have adopted PhonePe for its convenience and robust service offerings.

Comparison of Numerical Data

While comparing the financial performance of PhonePe between 2023 and 2024, we can see that PhonePe’s total revenue increased by 33%, from $450 million to $600 million. The most notable growth occurred in South India, where revenue increased by 50%, rising from $100 million to $150 million. North India maintained its dominant position, contributing 40% of the total revenue in both years, with a revenue increase from $180 million to $240 million. West India showed consistent growth, while East India, although growing at a slower rate, still contributed to the overall revenue increase.

In conclusion, PhonePe has demonstrated robust financial performance and continued growth across all regions. Its diverse user base, spanning various age groups, income levels, and ethnic backgrounds, reflects its broad appeal and strong market position in the digital payments sector.

PhonePe Overview

PhonePe is an Indian platform specializing in digital payments and financial services. It offers services such as money transfers, bill payments, and online shopping transactions. As a subsidiary of Flipkart, it has emerged as one of the top mobile payment platforms in India.

Conclusion

PhonePe has shown impressive growth and strong financial performance, as highlighted by PhonePe statistics. Significant investments in advertising, technology, and diverse services like gold purchases drive the company’s success. With a substantial market share and high transaction volume, PhonePe has become a leader in India’s digital payments sector. The platform’s broad usage across various regions and demographics reflects its wide appeal and strong market position. PhonePe statistics confirm its ongoing expansion and influence in the financial services industry.

Ketaki Joshi

Ketaki Joshi is a professional medical writer with extensive experience in scientific research on illness, health, and healthcare. Her work includes creating feature articles for newsletters and websites, as well as research news stories for doctors and researchers. With a lifelong passion for reading, Ketaki transitioned from a career at a French multinational company to pursue writing professionally. Her dedication to the craft has culminated in the recent release of her first Amazon-published short story, "The Envelope That Changed Our Lives."

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