PhonePe’s offline merchant base has now exceeded 5 million. To celebrate the milestone, PhonePe is offering consumers a cashback of up to Rs 1000 when they pay using the PhonePe QR code at an offline store.
PhonePe is also providing daily incentives to merchants, in line with the auspicious daily ritual of ‘Bohni’, on the first transaction of the day done through the PhonePe QR code. Every retailer can earn a total amount of Rs 1400 every month.
“The offline segment has seen phenomenal growth in the last year. We started this year with 1 million merchants and that number has already grown to 5 million in a span of just six months. We will continue to expand our reach across the length and breadth of the country, building innovative solutions that make the process of digital payments simple, convenient and hassle-free.” stated Yuvraj Singh Shekhawat, Head of Offline Business Growth at PhonePe.
PhonePe enables cashless, safe and convenient transactions for consumers and merchants directly from their bank accounts. With a presence in more than 150 cities, PhonePe continues to expand into newer geographies enabling even local kiranas to accept payments from consumers through digital payment mediums like UPI.
PhonePe also has a merchant app to facilitate end-to-end control on the payment process for merchants including transaction confirmation and reconciliation. PhonePe’s offering also includes instant settlements and zero processing fee on UPI transactions for merchants. PhonePe has introduced a ‘Stores' tab on the app enabling hyper-local discovery of partner merchants for users and is also working on features that will allow merchants to showcase their offers to users.