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PhonePe Processes 1 Million Daily Transactions In November

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PhonePe Processes 1 Million Daily Transactions,PhonePe Transactions in In November,PhonePe App Daily Million Transactions,PhonePe CEO Sameer Nigam,PhonePe Claims One Million Daily Transactions,Flipkart PhonePe Latest News,PhonePe Business News 2017,PhonePe App Features,PhonePe Wallet Limits

Flipkart owned UPI app, PhonePe, claims to have processed over 1 million daily transactions worth over $ 15.4 million in November. This app has achieved a total Payments Volume (TPV) annual run rate of $ 6.1 billion (Rs. 40,000 crores) within 14 months of its launch, taking the total volume of transactions processed on the PhonePe platform in November to 33 million.

A recent announcement from NPI confirmed the above fact. The statement said the UPI app hit a record high of 105 million transactions in November 2017. This was a 38% jump in transactions as compared to the last couple of months. PhonePe recorded a major hike in revenue this quarter as compared to its mere $ 76.8 million last year. The team further announced an 800% increase in revenues from October and an 8000% rise since November last year. This rapid rise was fueled largely by exponential growth in its online merchant, bill payment and peer to peer transactions.

Speaking about the reaching the milestone, co founder and CEO of PhonePe, Sameer Nigam said, “In line with the national agenda of Digital India, we are constantly innovating to bring more use cases to our platform and becoming (sic) the one stop payments solution for all our customers. We are humbled to hit a million transactions a day milestone in such a short span of time. We are currently processing Rs. 40,000 crores worth of digital payments annually and are targeting to double this metric by March 2018.

PhonePe recently also introduced new categories like Credit Card Bill Payments and Gift Cards on its mobile app. The online payments platform also integrated over 60,000 online and offline merchants in categories ranging from movie tickets, food delivery, pharmacies, groceries, travel and petrol pumps where customers can pay their bills using UPI, Wallets, Credit and Debit Cards. Till date, the PhonePe app has been downloaded by over 55 million Indians.
 
Meanwhile, the government owned BHIM saw  8.2 million transactions in the month of November 2017, accounting for transactions worth Rs. 2,553.5 crores. According to sources, there were 105 million UPI based transactions in November, with Rs. 9,679 crores being transacted. Out of the 105 million transactions, BHIM processed only 8% and accounted for 26% of the amount transacted in November.

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Quick Commerce Set to Boost HUL’s Revenue

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StartupStories

Unilever’s CEO, Fernando Fernandez, is optimistic about quick commerce’s growth in India, predicting it will significantly boost Hindustan Unilever Ltd’s (HUL) revenue. Currently, quick commerce accounts for about 2% of HUL’s revenue, but Fernandez expects this to rise to 10-15% within the next three to four years.

Why Quick Commerce?

India’s unique demographic, with affluent and economically active households living in close proximity, makes quick commerce a logical and profitable channel. The margin mix in quick commerce is also favorable for improving profitability12.

Market Trends

Quick commerce is rapidly expanding in India, with its contribution to ecommerce sales doubling annually. Major players like Blinkit, Swiggy Instamart, and Zepto are driving this growth, driven by consumer preference for convenience over discounts13.

Future Outlook

Fernandez’s strategy aligns with Unilever’s goal to transform its business and meet evolving consumer preferences. Leveraging quick commerce will be key to enhancing HUL’s revenue in India, a crucial market for Unilever

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Social Media Platform X Faces Global Outage

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Social Media Platform X Faces Global Outage

Elon Musk’s social media platform X, formerly known as Twitter, experienced a significant global outage on Monday. The disruption began around 3:20 PM IST, with over 19,000 reports of issues globally, according to Downdetector.

Impact by Region

  • United States: Over 21,000 users reported issues, primarily with the app.
  • United Kingdom: More than 10,800 incidents were recorded.
  • India: Nearly 2,300 users faced difficulties, though some reports suggest around 1,000 complaints, mainly with the search bar.

Nature of the Outage

The outage affected both web and mobile app versions, preventing users from accessing timelines or posting content. The cause remains unclear, as X has not issued an official statement.

Resolution

Services resumed after about 30-40 minutes, but concerns about the platform’s reliability have increased due to its recent technical issues

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Acevector Limited Announces New CEOs for Snapdeal and Stellaro Brands

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Acevector

Acevector Limited, the parent company of Snapdeal and Stellaro Brands, has announced significant leadership changes within its organization. Achint Setia has been appointed as the new CEO of Snapdeal, while Himanshu Chakrawarti will transition to the role of CEO of Stellaro Brands.

Himanshu Chakrawarti to Lead Stellaro Brands

Himanshu Chakrawarti has successfully led both Snapdeal and Stellaro Brands for the past three years. In his new role, he will focus exclusively on driving growth at Stellaro Brands, which houses various apparel brands, including Rangita. Chakrawarti brings over 30 years of experience in the retail industry, having held leadership positions at notable companies such as Trent, Arvind, and the Landmark Group. His extensive background in brand building and retail operations will be instrumental in scaling Stellaro’s growth.

Strategic Focus

Chakrawarti’s shift to Stellaro Brands allows him to leverage his experience to enhance the brand’s market presence and operational efficiency. His leadership is expected to drive innovative strategies that align with consumer trends and preferences.

Achint Setia to Head Snapdeal

Achint Setia takes over as CEO of Snapdeal, bringing a wealth of experience in e-commerce, media, telecom, and government services. He has a proven track record in business building, marketing, strategy, and technology. Prior to joining Snapdeal, Setia served as the Chief Revenue and Marketing Officer at Zalora Group in Singapore. He has also held senior leadership roles at Myntra, Viacom18, McKinsey & Co., and Microsoft.

Background and Expertise

Setia holds an MBA in Strategy & Finance from the Indian School of Business and completed the Stanford GSB LEAD program in Corporate Innovation. His diverse experience positions him well to lead Snapdeal through its next phase of growth as it navigates a competitive e-commerce landscape.

Focus on Growth and Innovation

These leadership changes are strategically aimed at driving growth and innovation across both Snapdeal and Stellaro Brands. With experienced leaders at the helm of each business, Acevector Limited is well-positioned for continued success in the dynamic Indian market.

Market Positioning

The transition comes at a critical time for Snapdeal as it seeks to strengthen its market position amid rising competition from other e-commerce platforms. Setia’s expertise in digital ecosystems is expected to enhance Snapdeal’s offerings and customer engagement strategies.

Recent Developments at Acevector Limited

Acevector Limited has been actively involved in restructuring its operations to optimize performance across its portfolio. The company has previously made headlines with initiatives such as:

  • The formalization of a group structure encompassing Snapdeal, Unicommerce, and Stellaro Brands.
  • Strategic investments aimed at enhancing technology capabilities and expanding service offerings.

Conclusion

The appointment of Achint Setia as CEO of Snapdeal and Himanshu Chakrawarti as CEO of Stellaro Brands marks a pivotal moment for Acevector Limited. These strategic leadership changes are designed to leverage their extensive industry experience to foster innovation and drive growth across both brands. As they embark on their new roles, the focus will be on enhancing operational efficiencies and adapting to evolving market demands within India’s competitive e-commerce sector.

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