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About PhonePe
Industries
Consumer Software
Fintech
Financial Services
Company Size
5,001-10,000
Company Stage
Growth Equity (Venture Capital)
Total Funding
$1.8B
Headquarters
Bengaluru, India
Founded
2015
Overview
PhonePe is a digital payments platform in India that allows individuals and businesses to conduct financial transactions securely and efficiently. It primarily operates through the Unified Payments Interface (UPI), enabling users to transfer money directly between bank accounts via their mobile phones. In addition to mobile payments, PhonePe offers insurance products and investment solutions, creating a comprehensive financial ecosystem. The company's goal is to make digital payments accessible to the next billion users in India.
Simplify's Take
What believers are saying
- Device tokenization could increase user adoption and transaction success rates.
- Affordable insurance products attract a broader, health-conscious customer base.
- Expansion into quick commerce positions PhonePe as a pioneer in diverse e-commerce.
What critics are saying
- Increased competition from Paytm and Google Pay may impact market share.
- Regulatory changes could affect PhonePe's operations and planned IPO.
- Ending the Juspay partnership may disrupt service offerings and merchant relations.
What makes PhonePe unique
- PhonePe is a leading player in India's UPI market, driving transactions.
- The platform offers diverse services, including insurance and investment solutions.
- PhonePe's device tokenization enhances security, reducing fraud risks for users.
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Funding
Total Funding
$1823.7M
Above
Industry Average
Funded Over
3 Rounds
Tiger GlobalBenefits
Insurance Benefits - Medical Insurance, Critical Illness Insurance, Accidental Insurance, Life Insurance
Wellness Program - Employee Assistance Program, Onsite Medical Center, Emergency Support System
Parental Support - Maternity Benefit, Paternity Benefit Program, Adoption Assistance Program, Day-care Support Program
Mobility Benefits - Relocation benefits, Transfer Support Policy, Travel Policy
Retirement Benefits - Employee PF Contribution, Flexible PF Contribution, Gratuity, NPS, Leave Encashment
Other Benefits - Higher Education Assistance, Car Lease, Mobile & Broadband Reimbursements, Salary Advance Policy
Company News
PhonePe, today announced the launch of a device tokenization solution for Credit and Debit cards. With this launch, users will be able to tokenize their cards on the PhonePe App, and use the card tokens seamlessly across all use cases on PhonePe such as Bill Payments, Recharges, booking travel tickets, making insurance purchases, making payments on Pincode, as well as at Online Merchants where the PhonePe Payment Gateway services are integrated.For consumers, tokenizing their cards has several benefits. They will no longer need to save their card details on merchant platforms or enter a CVV for every transaction, leading to higher success rates and fewer drop-offs at checkout. With tokenized cards securely linked to devices, fraud risks from stolen or leaked card details are also significantly reduced, giving consumers an extra layer of security and boosting consumers’ confidence in online payments. To begin with, consumers will be able to tokenize their Visa Credit and Debit Cards.For merchants, the advantage goes beyond security – it means tapping into a constantly expanding network of tokenized cards, ensuring faster transactions and higher conversions. As more consumers adopt this seamless payment method, businesses will naturally benefit from higher success rates, improved customer retention, and a frictionless checkout experience that fuels growth
PhonePe launches device tokenization solution to enhance security for card transactions.
Last year’s regulatory troubles continue to haunt Indian FinTech Paytm.The company’s third-quarter earnings showed a 36% drop in revenue to 18.3 billion rupees (about $212 million), below the 19 billion rupees analysts had projected, Bloomberg reported Monday (Jan. 20). The company reported a net loss of 2.08 billion rupees, while analysts expected 3.32 billion rupees in losses.Early in 2024, India’s banking regulator essentially closed down Paytm Payments Bank — the company’s banking arm — following years of warnings about unregulated data flows between that business and its parent.With the banking business shut down, the company was forced to find new partnerships with other Indian lenders. It also sold off its movie and events ticketing business to Zomato to help reduce expenses and is waiting for permission from India’s central bank to become a payments aggregator, per the report.Paytm’s average monthly transacting users dropped to 70 million during the quarter from 71 million in the prior quarter, according to the report. Paytm said it issued 38.3 billion rupees in merchant loans during the third quarter, up 16% from the previous quarter.Paytm is part of a busy payments space in India, competing with the likes of Google Pay and the Walmart-linked PhonePe.Meanwhile, the India edition of PYMNTS Intelligence’s “The Embedded Lending Opportunity” report examined the rise of embedded lending among consumers and microbusinesses and small businesses (MSBs) in that country, the most populous in the world.The research found that 15% of consumers and 37% of MSBs in India use this type of lending. Over two-thirds of each segment reported that they are highly likely to switch to providers that offer embedded lending.“However, users widely experience friction that detracts from their experience,” PYMNTS wrote
PhonePe had launched Pincode on ONDC offering grocery, food delivery, medicines, fashion and electronics among other categories.
Following a lawsuit by PhonePe alleging trademark infringement, the court ordered GoDaddy to remove the "PhonePey Loan" website.
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About PhonePe
Industries
Consumer Software
Fintech
Financial Services
Company Size
5,001-10,000
Company Stage
Growth Equity (Venture Capital)
Total Funding
$1.8B
Headquarters
Bengaluru, India
Founded
2015
There are no jobs for PhonePe right now.
Find jobs on Simplify and start your career today