PhonePe - Competitor Profile

PhonePe - Competitor Profile
Summary

PhonePe is one of the most widely adopted mobile wallet in India, with over 450 million users. The company was founded as a fintech startup in late 2015; by April 2016, PhonePe was operating as a subsidiary of online commerce platform Flipkart. With heavy financial backing from Flipkart, the mobile wallet service flourished. In 2020, US retail giant Walmart (the owner of Flipkart) decided to spin off PhonePe to operate as a separate entity (a process that was completed in December 2022). This move was designed to help PhonePe access more capital from the market to stimulate further growth.

PhonePe offers online and in-store payments as well as P2P transfers, with its product offerings growing to include insurance and wealth products. PhonePe covers virtually all merchant categories, ranging from local grocery stores and street vendors to large retail brands such as Best Price and Pantaloons, in addition to online travel agencies such as EaseMyTrip.

PhonePe is one of the leading players in the country’s mobile payment space. According to National Payments Corporation of India (NPCI), PhonePe accounted for 47% of all Unified Payments Interface (UPI) transactions made in India in January 2023.

The report provides information and insights into PhonePe including -Detailed insight into its businessComprehensive coverage of its products and servicesComparative assessment with key alternative payment solutionsThe company's important events and milestonesScopeIn December 2015, PhonePe is founded.In January 2018, PhonePe launches an app-in-app platform in partnership with online bus ticket booking service redBus.In February 2020, PhonePe launches a chat feature on its mobile wallet app.In November 2021, PhonePe launches SafeCard, a tokenization solution for online debit and credit card transactions.In April 2023, PhonePe introduces the Pincode ecommerce app, which allows local physical retailers to sell their products online. The service is currently available in Bangalore, India, with plans to expand to other cities in the future.Reasons to BuyGain insights into PhonePe business operations and key events.Gain insights into its product portfolio.Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.