Chennai : PhonePe announced that it has processed more than 100 million transactions in a single day.

‘PhonePe currently processes over 2.5 billion transactions a month at an annual TPV run rate of $780 billion,’ a press release said, adding: PhonePe’s growth comes on the back of traction across Tier 2, Tier 3 cities and beyond.

Rahul Chari, CTO and co-founder, PhonePe said, ‘this is a big milestone for us and has been achieved by the best-in-class payments success rates, and fastest speed of transactions, backed by a superior product experience.

We use technology to predict the likelihood of success of a transaction based on historical behavior, which allows us to offer 99.99 per cent system uptime.’