What is PhonePe? PhonePe Review, Features

PhonePe is a mobile payment company that has developed a UPI-based mobile payment application that supports multiple languages ​​and provides users with digital wallets and payment functions. Users can recharge, pay and transfer money through various methods such as bank accounts or debit cards.

About PhonePe

• PhonePe is not just a payment app, it is a collection of payment methods that allows users to make multiple payments through their mobile phones.

• The company primarily targets the offline payment market, with both QR codes for small merchants and integrated POS billing terminals for large organized merchants.

• PhonePe's competitors include Paytm, FreeCharge, and Mobikwik. Mobikwik, in particular, has always been the leader in India's online payment market and has now connected to many offline merchants to accept payment transactions through its platform.

Partners

Starting from Bengaluru, the startup has already tied up with 10 national chains, with key partners including Café Coffee Day, Apollo Pharmacy, Barista, Spencer's, KFC, FoodWorld, Pai International, Goli Vada Pav.

PhonePe Financial Products

• In December 2017, PhonePe launched its first financial management tool, Digital Gold.

• In December 2018, PhonePe launched its wealth management business, which successfully made headlines. On March 28, 2019, PhonePe launched a tax-saving product on its app for consumers. The product was jointly launched by PhonePe and two asset management companies (AMCs) ICICI Prudential and Aditya Birla Sun Life. It can provide equity-linked savings schemes (ELSS) to help users save taxes reasonably in accordance with the Indian Income Tax Act. According to the income tax provisions, individuals can get income tax deductions for certain investments and expenses. This business marks the official confrontation between Flipkart's PhonePe and its arch-rival Paytm in the field of financial services and wealth management.

Development History

-PhonePe was co-founded in December 2015 by former Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer.

-In 2016, PhonePe was acquired by Flipkart, the largest e-commerce platform in India.

-In October 2017, Flipkart invested $500 million in its payment platform PhonePe, and had previously announced an investment of $38.7 million in PhonePe.

-In March 2018, Indian digital payment platform PhonePe announced that it had received strategic financing of 5.18 billion rupees (about 80 million US dollars) from its parent company, Indian e-commerce giant Flipkart.

-In July 2018, PhonePe completed 94 million transactions in India's Unified Payments Interface (UPI) transactions, accounting for 40% of all UPI transactions.

-In August 2018, Indian digital payment company PhonePe announced that it had completed a new round of financing of 4.52 billion rupees (about 66 million US dollars), and the investor was the well-known local e-commerce company Flipkart.

-In March 2019, it obtained board approval to separate from Flipkart and operate independently.

-As of June 2019, PhonePe has processed 290 million payment transactions with a total amount of US$85 billion.