What is PhonePe? PhonePe Review

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.

Financing History

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

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

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.

Development History

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

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

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

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