PhonePe becomes the first non-banking app to launch IPO applications with UPI
National, September 17th, 2019: PhonePe, India’s leading digital payments platform today announced that it now enables users to participate in IPOs using their BHIM UPI Id created on the PhonePe App. This makes PhonePe the first non-banking app to enable IPO applications through UPI.
With this launch, PhonePe users can participate in forthcoming IPO’s in 3 simple steps:
1. Put their UPI ID in the IPO form and submit it.
2. Approve the notification in the PhonePe app to block the amount for the IPO. On allotment of the shares, the money is automatically debited from this blocked amount.
3. Get the IPO application process completed in three days from the current six days.
Speaking on the launch, Hemant Gala, Head of Payments and Financial Services at PhonePe said, “PhonePe has been the pioneer of UPI adoption, and we have continued the leadership by becoming the first non-banking app to enable IPO application under the UPI 2.0 framework. PhonePe and NPCI are collaborating to drive retail participation of millions of users of PhonePe in capital markets through this initiative. Users on PhonePe will now be able to use their UPI ID created on PhonePe to apply for an IPO thereby making the complete application process simpler and faster. We look forward to working with NPCI and SEBI in promoting UPI for all the upcoming IPOs and driving more digital adoption.”
“We at NPCI are happy to collaborate with PhonePe and their banker to enable UPI based IPO application for their retail investors. The new process has made applying for IPO extremely convenient for retail investors by increasing efficiency, eliminating the need for manual intervention and logistics at various stages. We look forward to similar collaborations in the future, with a goal to make the process completely digitized”, added Praveena Rai, Chief Operating Officer, NPCI
Bengaluru-headquartered PhonePe is the fastest growing digital payments platform in India. With over 150 million users, the PhonePe app drives the highest number of merchant UPI transactions in India. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments and buy gold. PhonePe is accepted across 65 lakh merchant outlets nationally. For more details, please visit https://www.phonepe.com or download the PhonePe app.
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