Walmart-owned fintech firm PhonePe said it has crossed 500 million lifetime registered users on its platform. With this milestone, 1 in 3 Indians are now on PhonePe. The company said it is the first Indian internet company to have reached this scale globally. This milestone has been achieved in just over 7 years since the PhonePe UPI (Unified Payments Interface) payments launched in August 2016.
The size of the Indian financial services market could touch around $340 billion in the next few years.
The start of BHIM's declining share coincided with the launch of Google Tez in mid-Septem
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