Digital payments and financial technology company PhonePe, today, announced plans to double its employee headcount by the end of 2022. The company said that it will hire 2,800 new employees by the end of the calendar year, taking its total employee strength from 2,600 to 5,400.
In a press release, the company said that the new hires will be made across engineering, product, analytics, business development and sales teams. The 2,800 job positions will be filled in Bengaluru, Delhi, Mumbai, Pune, and other cities, the company said.
Further, the company also said that it will invest in a technology program meant to make engineers and fresh graduates ready for the workplace, called PhonePe University. The company launched the programme back in January 2021.
In India PhonePe competes against the likes of Google Pay, PayTm, MobiKwik and other payments firms. PhonePe and Google Pay lead the market for unified payments interface (UPI) based payments in the country, accounting for 83% of the market, according to data from the National Payments Corporation of India (NPCI).
In February, PhonePe had a 49.3% market share in UPI payments out of 21,202 crore transactions that were carried out in the month, approximately worth 4 lakh crore, According to NPCI.
According to PhonePe, it has about 27 million merchants who use its QR codes for payments. In its platform it also offers users the options to buy silver, gold, mutual funds, insurance products and related instruments. The app also provides options for mobile, DTH recharge, and in 2019 launched Switch, its own version of a SuperApp.
For the fourth quarter of 2021, the company’s transactions saw a jump by 26% led by festivities and online shopping, according to an earlier statement. PhonePe recorded over 6.63 billion transactions amounting to over $155 billion. In the quarter, the company also managed to digitise 25 million small merchants, the company said in the same statement.