PhonePe 2023 Recap

2023 was an exciting year for PhonePe. With each new business and product launch, we continued to push the boundaries in the fintech world, leaving a trail of incremental progress.

Here’s a recap on PhonePe’s journey in the year 2023.

Key milestones

PhonePe, today, is synonymous with UPI and has cemented its leadership in the UPI space. In March 2023, we hit an annualized TPV (Total Payment Value) run-rate of USD $1Trillion. Simplifying customer experience while ensuring fast, secure and reliable transactions, has helped us win the trust of millions of Indian users.

PhonePe crossed 500 million lifetime registered users on its platform, becoming the first Indian Internet company to have reached this scale globally. Every 1 in 3 Indians are now on PhonePe.

New business launches

Pincode: Pincode, a shopping app built on the ONDC network, was launched in April 2023. The revolutionary new approach, reflected in the name ‘Pincode’, places local stores and sellers at the forefront and digitally empowers every Indian shopkeeper to tap into the vast potential of e-commerce.

Share.Market: PhonePe forayed into stock broking with the launch of Share.Market (Android, iOS, web). Share.Market elevates discount broking by providing market intelligence, quantitative research-based WealthBaskets, a scalable technology platform, and great customer experience for investors and traders alike.

Indus Appstore Developer Platform: PhonePe launched the Indus Appstore Developer Platform, a dedicated portal where Android app developers can register and upload their applications on a self-serve platform. These apps will be listed on the “Made in India” Indus Appstore, set to be launched early 2024. The app store offers a host of solutions for developers including zero commission for in-app payments, India-based support team, AI-powered real-time monitoring, real-time analytics, intelligent & faster updates, and so on.

New Feature Launches

Taking UPI and Payments ahead

From revolutionizing the way we pay a street vendor in India or at a store in Singapore, PhonePe is stepping up to make transactions effortless, globally. The first steps to achieving this ambition came about with two groundbreaking initiatives: UPI Lite and UPI International.

UPI Lite allows users to initiate low-value payments under Rs. 200, with a single tap from their UPI LITE account without entering a PIN. The transaction is processed directly by debiting the on-device UPI LITE balance, making transactions more seamless and even faster.

UPI International allows PhonePe’s Indian users traveling abroad to instantly pay foreign merchants using UPI. The current launch supports all international merchant outlets in UAE, Singapore, Nepal and Bhutan that have a local QR code. PhonePe is the first fintech app to launch this feature in India.

PhonePe also launched its own Payment Gateway, a real game-changer for merchants. Effortless integrations, industry-best success rates, secure and a suite of cutting-edge solutions – it’s the fuel that keeps businesses ahead of the rest.

Empowering merchants with a suite of solutions

PhonePe’s commitment to equip merchants with the power to scale continues as it offers a suite of solutions for diverse business needs.

The company launched the addition of a celebrity voice to PhonePe’s smartspeaker, featuring Mr. Amitabh Bachchan, to bring in distinction and elevate the customer & merchant’s payment experience.

PhonePe also introduced the one-stop POS (Point-of-Sale) device that accepts payments via Debit & Credit cards, as well as UPI and comes with the PhonePe POS app pre-loaded, avoiding clunky integrations and making checkouts a breeze.

As a step towards driving financial inclusion for SMEs (Small and Medium Enterprises), PhonePe launched its Merchant lending platform allowing Banks and NBFCs (Non-Banking Financial Companies) to provide access to credit in a completely digital and seamless manner to its vast merchant base of over 37 million merchants, helping merchants unlock the full potential of their businesses.

Catering to all your needs within the PhonePe app

• Account Aggregator: The PhonePe Account Aggregator services allow Indian consumers to consent to and share all their financial data, such as bank statements, insurance policies and tax filings with regulated Financial Institutions or FIUs (Financial Information Users) for several use cases such as applying for loans, buying new insurance, getting investment advice, etc. Consumers can request, pause or revoke any ongoing data consent directly from aa.phonepe.com or from within the PhonePe app itself.
• Monthly Health Insurance Subscription: As a first in the Indian Insurance market, PhonePe launched a unique monthly subscription option for health insurance plans. This new feature makes Health Insurance more affordable, allowing individuals to pay premiums in smaller, recurring installments via convenient UPI mandates.
• Credit section: The new Credit section on the PhonePe app houses the option for users to view their credit bureau score without any additional cost, conveniently manage their credit/Rupay cards and repay loans & credit card bills. The Credit bureau report also provides users with summarized credit insights such as their credit utilization, credit age, on-time payments, and more. In the coming months, PhonePe will expand its credit offerings by introducing consumer loans within the app.

The year 2023 draws to a close but PhonePe’s journey as a pioneer in India’s digital revolution has only just begun. The new year will focus on scaling each of the newly launched features & businesses and see a new set of launches that will redefine the way we live, shop and manage money.