PhonePe said – Northeast regions played a leading role in digital transactions in the first quarter

New Delhi. Digital payments platform PhonePe on Saturday said the Northeast region played a key role in the growth of the company’s digital transactions in the first quarter of 2022. Assam adopted it the fastest in 2022 with over 2.5 lakh traders as compared to just 10,000 traders in 2020. It was followed by Tripura, Meghalaya, Arunachal Pradesh, Nagaland, Sikkim and Mizoram.

These details were part of the first quarter data of PhonePe Pulse.

Karthik Raghupati, Head of Strategy and Investor Relations at PhonePe, said in a statement, “As predicted in our fourth quarter PhonePe Pulse report, we continue to drive growth in Q1 2022 across various use cases There has been a fundamental shift in consumer behavior towards contactless payments.”

PhonePe Pulse Trends also revealed that the first quarter of the year saw a boom in Peer-to-Peer Transactions (P2P) and Person to Merchant (P2M) transactions and strong growth in both payment volume as well as number of registered users. Viewed.

Raghupati said, “We are also excited about PhonePe’s P2M transactions, which exceed P2P transactions, indicating that digital payments have indeed entered the merchant ecosystem and gained universal acceptance across the country. “

“This in turn is creating a good loop of consumer demand and which on the contrary is promoting merchant acceptance. We truly believe that PhonePe will be able to enable deeper knowledge sharing across the pulse data ecosystem,” he added.

PhonePe Pulse data indicated that geographically, Andaman and Nicobar Islands recorded the highest jump in P2M transactions with a quarter-on-quarter growth of 29 per cent in the period.

In addition, 16 states and union territories saw more than 100 percent growth in merchants in 2021 versus 2020, a testament to the growing acceptance of digital payments across India.

According to PhonePe Pulse data, merchants in Uttar Pradesh lead the way in adoption, followed by Maharashtra, Karnataka, West Bengal and Rajasthan, comprising 49 percent of merchants in the platform’s network.

–IANS

read this also – Click to read the news of your state / city before the newspaper