models.py
class UserManager(BaseUserManager):
    def create_user(self, phone, password=None):
        if not phone:
            raise ValueError('Please provide a valid Phone')
        user = self.model(
            phone = phone,
        )
        user.set_password(password)
        user.save(using=self._db)
        return user
    def create_staffuser(self, phone, password):
        user = self.create_user(
            phone,
            password=password,
        )
        user.staff = True
        user.save(using=self._db)
        return user
    def create_superuser(self, phone, password):
        user = self.create_user(
            phone,
            password=password,
        )
        user.staff = True
        user.admin = True
        user.save(using=self._db)
        return user
phone_regex = RegexValidator(regex=r'^(\+\d{1,3})?,?\s?\d{8,13}',
                                 message="Phone number should be in the format '+9999999999', Up to 14 digits allowed.")
class User(AbstractBaseUser):
    phone = models.CharField(validators=[phone_regex],max_length=15,unique=True)
    active = models.BooleanField(default=True)
    staff = models.BooleanField(default=False)
    admin = models.BooleanField(default=False)
    USERNAME_FIELD = 'phone'
    REQUIRED_FIELDS = []
    objects = UserManager()
    def __str__(self):
        return self.phone
    def has_perm(self, perm, obj=None):
        return True
    def has_module_perms(self, app_label):
        return True
    @property
    def is_staff(self):
        return self.staff
    @property
    def is_admin(self):
        return self.admin
    @property
    def is_active(self):
        return self.active
admin.py
class UserCreationForm(forms.ModelForm):
    password1 = forms.CharField(label='Password', widget=forms.PasswordInput)
    password2 = forms.CharField(label='Password confirmation', widget=forms.PasswordInput)
    class Meta:
        model = User
        fields = ('phone',)
    def clean_password2(self):
        password1 = self.cleaned_data.get("password1")
        password2 = self.cleaned_data.get("password2")
        if password1 and password2 and password1 != password2:
            raise forms.ValidationError("Passwords don't match")
        return password2
    def save(self, commit=True):
        # Save the provided password in hashed format
        user = super().save(commit=False)
        user.set_password(self.cleaned_data["password1"])
        if commit:
            user.save()
        return user
class UserChangeForm(forms.ModelForm):
    password = ReadOnlyPasswordHashField()
    class Meta:
        model = User
        fields = ('phone', 'password')
    def clean_password(self):
        # Regardless of what the user provides, return the initial value.
        # This is done here, rather than on the field, because the
        # field does not have access to the initial value
        return self.initial["password"]
class UserAdmin(BaseUserAdmin):
    # The forms to add and change user instances
    form = UserChangeForm
    add_form = UserCreationForm
    # The fields to be used in displaying the User model.
    # These override the definitions on the base UserAdmin
    # that reference specific fields on auth.User.
    list_display = ('phone', 'admin')
    list_filter = ('admin',)
    fieldsets = (
        (None, {'fields': ('phone', 'password')}),
        ('Personal info', {'fields': ()}),
        ('Permissions', {'fields': ('admin',)}),
    )
    # add_fieldsets is not a standard ModelAdmin attribute. UserAdmin
    # overrides get_fieldsets to use this attribute when creating a user.
    add_fieldsets = (
        (None, {
            'classes': ('wide',),
            'fields': ('phone', 'password1', 'password2')}
        ),
    )
    search_fields = ('phone',)
    ordering = ('phone',)
    filter_horizontal = ()
admin.site.register(User, UserAdmin)
admin.site.register(PhoneOTP)
admin.site.unregister(Group)
serializers.py
User = get_user_model()
class CreateUserSerializer(serializers.ModelSerializer):
    class Meta:
        model = User
        fields = ('phone','password')
        extra_kwargs = {"password":{'write_only': True}}
        def create(self,validated_data):
            user = User.objects.create(validated_data['phone'],None,validated_data['password'])
            return user
class UserSerializer(serializers.ModelSerializer):
    class Meta:
        model = User
        fields = ['id','phone']
class LoginSerializer(serializers.Serializer):
    phone = serializers.CharField()
    password = serializers.CharField(style= { 'input_type': 'password'},trim_whitespace=False)
    def validate(self, data):
        user = authenticate(**data)
        if user.phone and user.password:
            return user
        raise serializers.ValidationError("Unable to log in with provided credentials.")
When I try to create user using APIView the user is created and I can see the user in the Django admin as well but the password field is unhashed and it says Invalid password format or unknown hashing algorithm. I have used a custom user model here to use the phone number as the username field  but the problem remains the same. I am on the current version of Django i.e, 2.2 and because of this, I am also not able to login into the app as well. 
set_password() method for creating passwordor
Edit your code like this.
class CreateUserSerializer(serializers.ModelSerializer):
    class Meta:
        model = User
        fields = ('phone','password')
        extra_kwargs = {"password":{'write_only': True}}
        def create(self,validated_data):
            user = User.objects.create_user(validated_data['phone'],None,validated_data['password'])
            return user
                        I used this, and worked well.
class CreateUser(APIView):
    permission_classes = [AllowAny]
    def post(self, request, format='json'):
        print(request.data)
        data = request.data
        reg_serializer = RegisterUserSerializer(data=data)
        if reg_serializer.is_valid():
            password = reg_serializer.validated_data.get('password')
            reg_serializer.validated_data['password']=make_password(password)
            new_user = reg_serializer.save()
            if new_user:
                return Response(status=status.HTTP_201_CREATED)
        return Response(reg_serializer.errors,status=status.HTTP_400_BAD_REQUEST)
                        Write the create method outside the meta class and it will work.
This solved this problem for me:
USERS = {
    "a_user_name" : ["User group","[email protected]","Password1234*"],
}
for user_name in USERS:
    new_user, created = User.objects.get_or_create(username=user_name,is_staff = True, email = USERS[user_name][1])
    new_user.set_password(USERS[user_name][2])
    new_user.save()
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