With more than 230 million registered users, PhonePe has become a household name. The digital wallet and online payment company saw a spike in its business during the lockdown. Rahul Chari, cofounder and chief technology officer of the company, talks about the opportunities, challenges and intense competition in the segment and what the future holds for the digital payment platforms.
How has the digital payments segment been affected by the pandemic and the lockdown?
During the nationwide lockdown, digital payment platforms were an essential service given their utilitarian nature. According to NPCI, the UPI transactions in February 2020 were at an all-time high of 132 crore transactions, corresponding to a transaction value of ₹2.21 lakh crore. While there was a fall over the following two months owing to the lockdown, the rebound happened in May and June and the transactions have been increasing with each passing month since then.
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