Fintech major PhonePe on Thursday said it has hit an annual total payment value (TPV) run rate of USD 388 billion dollars in March this year. The company, which competes with players like Paytm and Google Pay in the Indian digital payments market, said it has crossed the one-billion mark in terms of UPI transactions in the month of March.

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"We crossed a billion UPI transactions in March, while our total transactions across all payment instruments (UPI, wallet and cards) was at 1.3 billion. We also hit an annual TPV run rate of USD 388 billion in March," a PhonePe spokesperson said.

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TPV run rate refers to the total transaction value through the platform in a given time period.

The number of transactions through BHIM UPI more than doubled at 273 crore (2.73 billion) in March this year as against 125 crore (1.25 billion) transactions in the year-ago period, as per data from the National Payments Corporation of India (NPCI).
The value of transactions during March 2021 by way of UPI stood at Rs 5,04,886 crore, while transactions worth Rs 2,06,462 crore were registered in the same month last year, the data showed.
In February 2021, the number of BHIM UPI transactions were at 229 crore (2.29 billion) valued at Rs 4,25,062 crore, while in January, such transactions and value were 230 crore (2.30 billion) and Rs 4,31,181 crore, respectively.
Unified Payments Interface (UPI) transactions has emerged as one of the most popular ways to make mobile payments, and has seen significant growth, especially over the past many months as people embraced contactless digital transactions amid the COVID-19 pandemic.
A Paytm spokesperson said the company recorded 1.4 billion transactions in March across all payment methods, including Paytm wallet, UPI, cards and netbanking.