Fintech major PhonePe on Tuesday said the total payments value (TPV) of transactions processed by its platform grew 23.3 per cent sequentially to Rs 921,674 crore, while the number of transactions grew by 33.6 per cent to 526.5 crore in the September 2021 quarter.
Also, money transfers with UPI and merchant payments hit a new milestone of 200 crore transactions.
"Offline merchant payments (such as paying at kiranas in store) grew faster than online merchant payments (such as ordering food or shopping online) registering a quarter-on-quarter growth rate of 65 per cent.
"In a clear indicator of recovery post the second wave of the pandemic, and stores rapidly opening up, nearly 4 out of 5 merchant payments are now offline payment transactions," PhonePe's Pulse report said.
The number of registered users grew by 7.5 per cent -- rising from 30.5 crore to 32.8 crore. Chandigarh topped the charts in transaction growth, while Karnataka and Maharashtra showed the highest growth in number of users.
PhonePe competes with players like Paytm, Google Pay and Amazon Pay in the Indian market.
"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,” Karthik Raghupathy, Head of Strategy and Investor Relations at PhonePe, said.
PhonePe, which is backed by e-commerce major Flipkart, has been witnessing strong growth.
According to regulatory documents shared by market intelligence firm Tofler, the company saw its revenue from operations rising 85 per cent to Rs 689.8 crore in FY21 from Rs 371.7 crore in the previous fiscal.
Its overall loss (with ESOP costs) narrowed marginally to Rs 1,727.77 crore in FY21 from Rs 1,771.48 crore earlier.