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Paytm crisis: PhonePe makes hay, user base climbs 15-20%

Economic Times · 1y

PhonePe, the Walmart-owned payment platform, has witnessed a 15-20% increase in its user base, benefiting from the ongoing crisis at rival Paytm. Concerned about the fate of Paytm Payment Bank-issued UPI accounts, consumers are flocking to PhonePe. The surge in user numbers is expected to continue as the February 29 deadline approaches for Paytm Payments Bank to halt its services. PhonePe is also seeing faster growth on the merchant side and is preparing its systems to handle the additional capacity.