It wasn’t very long ago that we were all rummaging through our pockets for loose change and playing hide-and-seek with our credit cards in overstuffed wallets.
Now, we just walk out of our houses, phones in hand, confident that we can shop, travel, dine and order with just the PhonePe app. The Unified Payments Interface (UPI) that the app is built over has revolutionised how Indians transact, bringing about a significant transformation in the way people pay, invest and insure.
PhonePe has grown rapidly to become one of the largest players in the digital payments sector.
With 485+ million registered users, one in four Indians is now on PhonePe. The company has also successfully digitised 36+ million offline merchants spread across 19,000+ postal codes, covering 99% of the country.
To add to the existing suite of offerings, PhonePe, in association with YourStory, is unveiling a groundbreaking initiative at TechSparks 2023, with the potential to transform the digital distribution industry. The fintech player has come up with a revolutionary proposition that is all set to solve the challenges faced by the industry.
Sameer Nigam, Founder & CEO, PhonePe, and Shradha Sharma, Founder, CEO, YourStory, will unveil PhonePe’s latest offering on stage!
“We have an exciting new product launch. After Pincode and Share.Market, this is going to be the biggest launch of the year and we are doing it live at Techsparks 2023,” reveals Nigam.
Picking the right time for a transformative solution
PhonePe has witnessed nothing short of a phenomenal growth trajectory since its inception. Founded in 2015, the company quickly established itself as a pioneering force in the Indian fintech landscape, reshaping the way people transact.
The company forayed into financial services in 2017, providing users with safe and convenient investing options on its platform. Since then, it has introduced several mutual funds and insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services.
The speedy ascent
One of the key drivers of PhonePe’s remarkable growth has been its consumer-centric approach. The platform’s user-friendly interface, combined with a plethora of services like mobile recharge, bill payments, and peer-to-peer transactions, has made it an indispensable tool for millions of Indians. The organisation’s commitment to simplifying financial transactions resonated with a tech-savvy and rapidly digitising population.
PhonePe’s strategic partnerships have also played a pivotal role in its ascent. Collaborations with major businesses, both online and offline, allowed it to offer a seamless payment experience to users. This ubiquity propelled PhonePe to the forefront of the digital payments industry, enabling users to make payments at local kirana stores, fuel stations, and even make in-app payments.
Furthermore, the platform’s innovation built on top of the Unified Payments Interface (UPI) ecosystem cannot be understated. PhonePe introduced unique features like the ability to invest in mutual funds, purchase gold, and avail insurance within the app, making it an all-encompassing fintech platform.
The adoption of PhonePe by merchants also contributed significantly to its growth.
As it continues to evolve and adapt to changing market dynamics, the future appears brighter for this Indian fintech giant.
PhonePe promises that the unveiling of its latest innovation on September 23, at Taj Yeshwantpur on the third day of TechSparks 2023, the biggest and most diverse tech summit in India, will set a significant benchmark in the industry.
