Flipkart's PhonePe records highest number of UPI transaction

Flipkart closed its Big 10 sale on Thursday and left behind a boosting number of UPI (Unified Payments Interface) transactions for its payments arm PhonePe.

Within two days of Flipkart's Big 10 sale, digital payments platform PhonePe processed over 500,000 transactions. The five-day sale recorded one million transactions through the payment platform. PhonePe also saw 1.6 million app downloads in five days.

"Over two lakh customers transacted on UPI for the first time which is a record of sorts for the network itself. We did more transactions on UPI in a day than all players (including us) put together compared to day before the sale," Sameer Nigam, founder and CEO at PhonePe told Business Insider.

Before the sale, PhonePe was seeing 1,20,000 transactions a day on UPI during the month of May. These million transactions have helped PhonePe add more users and see a sharp rise in transactions as it offered steep cashback of up to 30 percent for all transactions for sale made through its app.

PhonePe saw 40 percent of all prepaid transactions for Flipkart, Myntra and Jabong and 90 percent of the total traffic for Flipkart's sale came through mobile.

“The Big 10 Sale was a big proof of concept as we saw unprecedented traffic on the app and millions of shoppers were able to transact, pay and get instant cash backs seamlessly,“ Nigam further added.

According to data from the National Payments Corporation of India (NPCI), about 3 lakh UPI transactions have been done every day in the month of May so far.With this sale, PhonePe has alone seen over 2 lakh UPI transactions a day this week.

UPI adoption is expected to unleash more potential for PhonePe.