PhonePe processes over 970 million UPI transactions in February

The growth has come on the back of rapid expansion in offline payments across tier-two and tier-three cities, having already digitised over 1.7 crore kiranas. The company had previously announced its plans to digitise 2.5 crore kiranas by the end of 2021.

Founder and CEO Sameer Nigam said the company retains its pole position as the country's top digital payments platform. "PhonePe is leading across all core industry metrics -- active users, active merchants, total transactions and total payments value. We will continue to transform lives positively while building simple, scalable and innovative products for every Indian," he said in a statement.

PhonePe has over 280 million registered users. They can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe is accepted at over 1.7 crore merchant outlets across 500 cities nationally.