Nobody had ever thought that this digital mode of payment would have reached such a tremendous milestone. In the era of this global crisis, the cashless mode of payment has managed to gain the trust of the users with it’s significant and relevant mode for payment. It wouldn’t be wrong if we conclude that this pandemic is the reason behind the increment of the digital transaction system and it has also increased the number of users for the particular app.
Subsequently launched in the year 2016 by the makers of Flipkart this app had managed to gain 500,000 users significantly after it’s launch. The main reason for its growth was the tremendous aspect of the marketing and versatile features of this app. As PhonePe was another big project initiated by the makers of the Flipkart so the makers closed down the Flipkart wallets and asked the users to pay through PhonePe.
So after the company had shut down the e-wallets of all the shopping applications then users were asked to use PhonePe for doing the necessary transactions. Further on the first basis, this application was launched according to the strategy followed by the BHIM UPI guidelines. This was done in order to conduct a survey and to get an idea of how users are using PhonePe for the purpose of transactions. Due to this strategy ultimately in the same year of its launch PhonePe had managed to gain 500,000 original registered users.
And now it’s managed to reach one hundred million downloads on play store which certainly states that these many users have registered on PhonePe and are using this app for doing cashless mode of payments, Currently this app is one of the most trending digital payment applications on Playstore with a 4.5 rating which is a good sign of remarkable success.
Also Read: Google Pay And PhonePe Top Fintech Download Chart In February
Now let’s have a look at some basic features which made this digital payment application rise to this height!
- It allows the users to make instant payments online.
- It’s connected via BHIM UPI so before making any payment users are asked to confirm twice.
- Instant bank transfers can be made easily without the IFSC code or account numbers with only using the mobile number of the other person.
- It also has a Virtual Payment Address which is available for the users to do bank transfers.
- Apart from all this it’s considered to be the safest mode of digital payment and is much more convenient than internet banking.
- Cashbacks available on every purchase or transaction.
Also Read: PhonePe Get Fresh $28 Million Funding From Parent Flipkart
Ultimately the main motto of the makers is to create a safe and secure platform of payment for the users. The cashback and rewards initiated for the customers on doing any transaction have certainly managed to increase the revenue of PhonePe amongst the users. In the end, it’s certain and very clear that PhonePe is safe and can be used for the purpose of doing any payment.
