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PhonePe was incorporated in December 2015.<ref>{{cite web|title=Flipkart : India's most preferred online shopping store|url=https://www.theindianwire.com/startups/flipkart-62283/|access-date=14 February 2020|website=The Indian Wire|date=3 July 2018 |archive-date=6 August 2020|archive-url=https://web.archive.org/web/20200806075740/https://www.theindianwire.com/startups/flipkart-62283/|url-status=live}}</ref> In April 2016, the company was acquired by [[Flipkart]]<ref>{{Cite news|last=Reporter|first=B. S.|date=2016-04-02|title=Flipkart buys mobile payments company PhonePe for an undisclosed sum|newspaper=[[Business Standard]]|url=http://www.business-standard.com/article/companies/flipkart-buys-mobile-payments-company-phonepe-for-an-undisclosed-sum-116040100265_1.html|access-date=2017-02-20|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225235439/https://www.business-standard.com/article/companies/flipkart-buys-mobile-payments-company-phonepe-for-an-undisclosed-sum-116040100265_1.html|url-status=live}}</ref><ref>{{Cite news|title=Flipkart acquires former executive's startup PhonePe for payments push|newspaper=[[The Economic Times]]|url=http://economictimes.indiatimes.com/small-biz/startups/flipkart-acquires-former-executives-startup-phonepe-for-payments-push/articleshow/51643300.cms|access-date=2017-02-20|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225235450/https://economictimes.indiatimes.com/small-biz/startups/flipkart-acquires-former-executives-startup-phonepe-for-payments-push/articleshow/51643300.cms|url-status=live}}</ref> and as part of the acquisition, the FxMart license was transferred to PhonePe and rebranded as the PhonePe wallet. PhonePe's founder Sameer Nigam was appointed as the [[Chief executive officer|CEO]] of the company.<ref>{{Cite web|title=Sameer Nigam: Executive Profile & Biography - Bloomberg|url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=142810855&privcapId=78829188|access-date=2018-05-12|website=[[Bloomberg L.P.]]}}</ref>
PhonePe was incorporated in December 2015.<ref>{{cite web|title=Flipkart : India's most preferred online shopping store|url=https://www.theindianwire.com/startups/flipkart-62283/|access-date=14 February 2020|website=The Indian Wire|date=3 July 2018 |archive-date=6 August 2020|archive-url=https://web.archive.org/web/20200806075740/https://www.theindianwire.com/startups/flipkart-62283/|url-status=live}}</ref> In April 2016, the company was acquired by [[Flipkart]]<ref>{{Cite news|last=Reporter|first=B. S.|date=2016-04-02|title=Flipkart buys mobile payments company PhonePe for an undisclosed sum|newspaper=[[Business Standard]]|url=http://www.business-standard.com/article/companies/flipkart-buys-mobile-payments-company-phonepe-for-an-undisclosed-sum-116040100265_1.html|access-date=2017-02-20|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225235439/https://www.business-standard.com/article/companies/flipkart-buys-mobile-payments-company-phonepe-for-an-undisclosed-sum-116040100265_1.html|url-status=live}}</ref><ref>{{Cite news|title=Flipkart acquires former executive's startup PhonePe for payments push|newspaper=[[The Economic Times]]|url=http://economictimes.indiatimes.com/small-biz/startups/flipkart-acquires-former-executives-startup-phonepe-for-payments-push/articleshow/51643300.cms|access-date=2017-02-20|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225235450/https://economictimes.indiatimes.com/small-biz/startups/flipkart-acquires-former-executives-startup-phonepe-for-payments-push/articleshow/51643300.cms|url-status=live}}</ref> and as part of the acquisition, the FxMart license was transferred to PhonePe and rebranded as the PhonePe wallet. PhonePe's founder Sameer Nigam was appointed as the [[Chief executive officer|CEO]] of the company.<ref>{{Cite web|title=Sameer Nigam: Executive Profile & Biography - Bloomberg|url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=142810855&privcapId=78829188|access-date=2018-05-12|website=[[Bloomberg L.P.]]}}</ref>


In August 2016, the company partnered with [[Yes Bank]] to launch a [[Unified Payments Interface|UPI]]-based mobile payment app, based on the government-backed UPI platform.<ref name=":0" /><ref>{{Cite news|date=2017-01-02|title=7 things you must know about the PhonePe app from Flipkart|language=en-US|newspaper=Flipkart Stories|url=http://stories.flipkart.com/phonepe-app-flipkart/|access-date=2017-02-20|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225235352/https://stories.flipkart.com/phonepe-app-flipkart/|url-status=live}}</ref><ref name=":1">{{Cite web|title=YES BANK and PhonePe have Partnered to Launch India's 1st UPI Based Mobile Payment App - Press Release|url=https://www.yesbank.in/media/press-releases/fy-2016-17/say-goodbye-to-cash-phonepe-yes-bank-launch-indias-first-upi-based-payments-app|access-date=2017-02-20|website=[[Yes Bank]]|archive-date=6 July 2019|archive-url=https://web.archive.org/web/20190706083637/https://www.yesbank.in/media/press-releases/fy-2016-17/say-goodbye-to-cash-phonepe-yes-bank-launch-indias-first-upi-based-payments-app|url-status=live}}</ref>
In August 2016, the company partnered with [[Yes Bank]] to launch a [[Unified Payments Interface|UPI]]-based mobile payment app, based on the government-backed UPI platform.<ref name=":0" /><ref>{{Cite news|date=2017-01-02|title=7 things you must know about the PhonePe app from Flipkart|language=en-US|newspaper=Flipkart Stories|url=http://stories.flipkart.com/phonepe-app-flipkart/|access-date=2017-02-20|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225235352/https://stories.flipkart.com/phonepe-app-flipkart/|url-status=live}}</ref><ref name=":1">{{Cite web|title=YES BANK and PhonePe have Partnered to Launch India's 1st UPI Based Mobile Payment App - Press Release|url=https://www.yesbank.in/media/press-releases/fy-2016-17/say-goodbye-to-cash-phonepe-yes-bank-launch-indias-first-upi-based-payments-app|access-date=2017-02-20|website=[[Yes Bank]]|archive-date=6 July 2019|archive-url=https://web.archive.org/web/20190706083637/https://www.yesbank.in/media/press-releases/fy-2016-17/say-goodbye-to-cash-phonepe-yes-bank-launch-indias-first-upi-based-payments-app|url-status=live}}</ref>


In January 2018, the app garnered ten million downloads.<ref>{{cite news|last1=Pani|first1=Priyanka|date=12 January 2018|title=PhonePe adds 10 million users in 9 weeks|language=en|work=[[Business Line]]|url=https://www.thehindubusinessline.com/info-tech/phonepe-adds-10-million-users-in-9-weeks/article9471473.ece|access-date=11 March 2023|archive-date=28 November 2021|archive-url=https://web.archive.org/web/20211128054624/https://www.thehindubusinessline.com/info-tech/phonepe-adds-10-million-users-in-9-weeks/article9471473.ece|url-status=live}}</ref><ref>{{cite news|date=24 December 2019|title=Paytm vs Google Pay vs PhonePe: Who is winning?|work=[[Moneycontrol.com]]|url=https://www.moneycontrol.com/news/technology/paytm-vs-google-pay-vs-phonepe-who-is-winning-4760421.html|access-date=11 March 2023|archive-date=26 September 2022|archive-url=https://web.archive.org/web/20220926062425/https://www.moneycontrol.com/news/technology/paytm-vs-google-pay-vs-phonepe-who-is-winning-4760421.html|url-status=live}}</ref> In August 2017, the PhonePe app surpassed BHIM in UPI transactions.<ref>{{cite news|date=20 September 2017|title=PhonePe overtakes Bhim in UPI transactions - Times of India|language=en|work=[[The Times of India]]|url=https://timesofindia.indiatimes.com/business/india-business/phonepe-overtakes-bhim-in-upi-transactions/articleshow/60757252.cms|access-date=11 March 2023|archive-date=11 April 2021|archive-url=https://web.archive.org/web/20210411100256/https://timesofindia.indiatimes.com/business/india-business/phonepe-overtakes-bhim-in-upi-transactions/articleshow/60757252.cms|url-status=live}}</ref>
In 2022, they were launching international UPI payments, allowing Indian users traveling abroad to pay foreign merchants with [[Unified Payments Interface]] (UPI).<ref name=":6">{{Cite web |date=2022-11-09 |title=Walmart-owned PhonePe to enable UPI activation on Aadhaar-based OTP |url=https://www.business-standard.com/article/companies/walmart-owned-phonepe-to-enable-upi-activation-on-aadhaa-based-otp-122110901215_1.html |access-date=2023-03-29 |website=Business Standard |language=en-US |archive-date=31 March 2023 |archive-url=https://web.archive.org/web/20230331114015/https://www.business-standard.com/article/companies/walmart-owned-phonepe-to-enable-upi-activation-on-aadhaa-based-otp-122110901215_1.html |url-status=live }}</ref>

In 2022, PhonePe became the first UPI TPAP (Third Party Application Providers) App to allow [[Unified Payments Interface|UPI activation]] through [[Aadhaar]]. A year later, it further expanded its services by launching international UPI payments, allowing Indian users traveling abroad to pay foreign merchants with [[Unified Payments Interface]] (UPI).<ref name=":6">{{Cite web |date=2022-11-09 |title=Walmart-owned PhonePe to enable UPI activation on Aadhaar-based OTP |url=https://www.business-standard.com/article/companies/walmart-owned-phonepe-to-enable-upi-activation-on-aadhaa-based-otp-122110901215_1.html |access-date=2023-03-29 |website=Business Standard |language=en-US |archive-date=31 March 2023 |archive-url=https://web.archive.org/web/20230331114015/https://www.business-standard.com/article/companies/walmart-owned-phonepe-to-enable-upi-activation-on-aadhaa-based-otp-122110901215_1.html |url-status=live }}</ref> As per [[National Payments Corporation of India|NPCI]]'s UPI ecosystem statistics, PhonePe currently holds a 50% market share by value of transactions in the UPI market.<ref>{{Cite news |date=2023-03-11 |title=PhonePe reaches $1 trillion annualised payment value run rate; gets payment aggregator licence |language=en-IN |work=The Hindu |url=https://www.thehindu.com/business/Industry/phonepe-reaches-1-trillion-annualised-payment-value-run-rate-gets-payment-aggregator-licence/article66606671.ece |access-date=2023-07-30 |issn=0971-751X}}</ref><ref>{{Cite web |title=UPI Ecosystem Statistics |url=https://www.npci.org.in/what-we-do/upi/upi-ecosystem-statistics?TSPD_101_R0=08f002952bab2000569d322770f9ed12bb6f0f3e659864113652b2943edef3685f0e131afca19a1e0888f928b81430004619858e7ad3c72d5d48aa725a13810c1252106db56a17c87a4b2fac69c0dfdd5f13864ad005745f55ca4b135b1e0dbe |access-date=2023-07-30 |website=www.npci.org.in}}</ref>


In 2022, PhonePe obtained licensing from the Reserve Bank of India for operating a Semi-Closed Prepaid Payment system.<ref>{{Cite web|title=Reserve Bank of India - Publications|url=https://rbi.org.in/scripts/publicationsview.aspx?id=12043|access-date=2017-02-20|website=rbi.org.in|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225235441/https://rbi.org.in/scripts/publicationsview.aspx?id=12043|url-status=live}}</ref><ref>{{Cite web|title=Terms of user {{!}} PhonePe|url=https://www.phonepe.com/en/terms.html|website=PhonePe|access-date=20 February 2017|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225235401/https://www.phonepe.com/en/terms.html|url-status=live}}</ref>
In 2022, PhonePe obtained licensing from the Reserve Bank of India for operating a Semi-Closed Prepaid Payment system.<ref>{{Cite web|title=Reserve Bank of India - Publications|url=https://rbi.org.in/scripts/publicationsview.aspx?id=12043|access-date=2017-02-20|website=rbi.org.in|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225235441/https://rbi.org.in/scripts/publicationsview.aspx?id=12043|url-status=live}}</ref><ref>{{Cite web|title=Terms of user {{!}} PhonePe|url=https://www.phonepe.com/en/terms.html|website=PhonePe|access-date=20 February 2017|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225235401/https://www.phonepe.com/en/terms.html|url-status=live}}</ref>

In August 2023, PhonePe introduced a stock broking app and web platform named Share Market, via its subsidiary PhonePe Wealth Broking. The platform allows users to trade in stocks and mutual funds, including intraday trading and pre-curated investment baskets.<ref name="Shetty 2023 q450">{{cite web | last=Shetty | first=Mayur | title=PhonePe enters discount broking arena with share(dot)market | website=The Times of India | date=2023-08-30 | url=https://timesofindia.indiatimes.com/business/india-business/phonepe-enters-discount-broking-arena-with-sharedotmarket/articleshow/103203598.cms?from=mdr | access-date=2024-04-01}}</ref>

In February 2024, PhonePe introduced Indus Appstore, a mobile app store. The app store offers over 2 lakh apps and games across 45 categories.<ref name="The Economic Times 2024 g714">{{cite web | title=PhonePe launches made-in-India Indus Appstore to take on Google, Apple | website=The Economic Times | date=2024-02-21 | url=https://economictimes.indiatimes.com/tech/technology/phonepe-launches-made-in-india-indus-appstore-to-take-on-google-apple/articleshow/107885338.cms?from=mdr | access-date=2024-04-10}}</ref>

== Innovation and partnerships ==
PhonePe helps merchants to accept payments through all UPI-based apps, debit and [[credit card|credit cards]], as well as wallet (Including third party wallets) on the app.<ref name="ETBFSI.com 2021 v410">{{cite web | title=Top seven Indian FinTechs operating in Digital payments | website=ETBFSI.com | date=2021-06-24 | url=https://bfsi.economictimes.indiatimes.com/news/fintech/top-seven-indian-fintechs-operating-in-digital-payments/83799926 | access-date=2024-03-10}}</ref>

=== 2017 ===
In October, PhonePe launched a low-cost POS device built in India. The [[Bluetooth]] enabled POS device looks like a calculator and works with [[AA battery|AA batteries]]. The hardware uses Bluetooth connectivity and enables payments through all the mobile devices that can access the PhonePe app.<ref>{{Cite web|last1=Dalal|first1=Mihir|date=1 November 2017|title=Flipkart's PhonePe launches PoS machine for small merchants|url=https://www.livemint.com/Industry/KmPSzYRdJ7QI5Mjw31kFXL/Flipkarts-PhonePe-launches-PoS-machine-for-small-merchants.html|website=[[Mint (newspaper)|Mint]]|access-date=11 March 2023|archive-date=27 November 2021|archive-url=https://web.archive.org/web/20211127075134/https://www.livemint.com/Industry/KmPSzYRdJ7QI5Mjw31kFXL/Flipkarts-PhonePe-launches-PoS-machine-for-small-merchants.html|url-status=live}}</ref><ref>{{Cite web|last1=Allirajan|first1=M|date=31 October 2017|title=PhonePe launches Made for India POS device|url=https://timesofindia.indiatimes.com/business/india-business/phonepe-launches-made-for-india-pos-device/articleshow/61374154.cms|website=[[The Times of India]]|access-date=11 March 2023|archive-date=16 July 2019|archive-url=https://web.archive.org/web/20190716012315/https://timesofindia.indiatimes.com/business/india-business/phonepe-launches-made-for-india-pos-device/articleshow/61374154.cms|url-status=live}}</ref>

In January 2018, PhonePe established a partnership with Freecharge, allowing PhonePe users to link their existing Freecharge wallets to the PhonePe app.<ref>{{Cite web|date=9 January 2018|title=PhonePe strikes strategic partnership with FreeCharge|url=https://www.business-standard.com/article/news-ani/phonepe-strikes-strategic-partnership-with-freecharge-118010900804_1.html|website=[[Business Standard]]|access-date=11 March 2023|archive-date=9 February 2022|archive-url=https://web.archive.org/web/20220209154144/https://www.business-standard.com/article/news-ani/phonepe-strikes-strategic-partnership-with-freecharge-118010900804_1.html|url-status=live}}</ref> Additionally, PhonePe has entered into similar collaborations with Jio Money and Airtel Money.<ref>{{Cite web|date=19 February 2018|title=PhonePe adopts FMCG approach for tie-ups with local merchants|url=https://www.thehindubusinessline.com/news/phonepe-adopts-fmcg-approach-for-tie-ups-with-local-merchants/article22800373.ece|website=[[The Hindu Businessline]]|access-date=11 March 2023|archive-date=22 October 2021|archive-url=https://web.archive.org/web/20211022031728/https://www.thehindubusinessline.com/news/phonepe-adopts-fmcg-approach-for-tie-ups-with-local-merchants/article22800373.ece|url-status=live}}</ref>

=== 2019 ===
PhonePe introduced tax-saving funds aimed at assisting customers in minimizing their tax burden through investments in equity-linked saving schemes.<ref>{{cite news|last1=Manikandan|first1=Ashwin|date=9 January 2020|title=PhonePe allows to invest in liquid mutual funds|work=[[The Economic Times]]|url=https://economictimes.indiatimes.com/mf/mf-news/walmart-owned-phonepe-expands-its-financial-services-palette/articleshow/73161108.cms?from=mdr|access-date=11 March 2023|archive-date=28 August 2020|archive-url=https://web.archive.org/web/20200828142830/https://economictimes.indiatimes.com/mf/mf-news/walmart-owned-phonepe-expands-its-financial-services-palette/articleshow/73161108.cms?from=mdr|url-status=live}}</ref><ref>{{cite news|date=28 March 2019|title=Want to save addl income tax? This new app will save you whopping Rs 46,800|work=[[Zee Business]]|url=https://www.zeebiz.com/personal-finance/news-want-to-save-addl-income-tax-this-new-app-will-save-you-whopping-rs-46800-92080#:~:text=offers%20exactly%20that.-,On%20Thursday%2C%20PhonePe%20announced%20the%20launch%20of%20a%20Tax%20Saving,or%20Equity%20Linked%20Savings%20Schemes.|access-date=11 March 2023|archive-date=12 June 2021|archive-url=https://web.archive.org/web/20210612165831/https://www.zeebiz.com/personal-finance/news-want-to-save-addl-income-tax-this-new-app-will-save-you-whopping-rs-46800-92080#:~:text=offers%20exactly%20that.-,On%20Thursday%2C%20PhonePe%20announced%20the%20launch%20of%20a%20Tax%20Saving,or%20Equity%20Linked%20Savings%20Schemes.|url-status=live}}</ref> In the same year, according to Economic Times report PhonePe became the first payment app to enable customers to place bids for initial public offerings through the UPI platform.<ref>{{cite news|last1=Manikandan|first1=Ashwin|date=17 September 2019|title=Flipkart-owned PhonePe first non-bank to enable UPI-based IPO bidding|work=[[The Economic Times]]|url=https://economictimes.indiatimes.com/markets/ipos/fpos/flipkart-owned-phonepe-first-non-bank-to-enable-upi-based-ipo-bidding/articleshow/71172949.cms#:~:text=Mumbai%3A%20The%20National%20Payments%20Corporation,IPOs)%20through%20the%20UPI%20platform.|access-date=11 March 2023|archive-date=24 March 2020|archive-url=https://web.archive.org/web/20200324064317/https://economictimes.indiatimes.com/markets/ipos/fpos/flipkart-owned-phonepe-first-non-bank-to-enable-upi-based-ipo-bidding/articleshow/71172949.cms#:~:text=Mumbai%3A%20The%20National%20Payments%20Corporation,IPOs)%20through%20the%20UPI%20platform.|url-status=live}}</ref>

=== 2020 ===
In January, PhonePe became the inaugural digital payment platform in India to introduce international travel insurance.<ref>{{cite news|last1=Dugh|first1=Harish|date=23 January 2020|title=PhonePe does a first in India, launches International Travel Insurance in digital payment platform space|work=[[Zee Business]]|url=https://www.zeebiz.com/india/news-phonepe-does-a-first-in-india-launches-international-travel-insurance-in-digital-payment-platform-space-118015|access-date=11 March 2023|archive-date=6 August 2020|archive-url=https://web.archive.org/web/20200806100450/https://www.zeebiz.com/india/news-phonepe-does-a-first-in-india-launches-international-travel-insurance-in-digital-payment-platform-space-118015|url-status=live}}</ref> PhonePe collaborated with Aditya Birla Mutual Fund to launch the Liquid Fund, offering users the combined benefits of a fixed deposit and a mutual fund.<ref>{{cite news|last1=Singh|first1=Shipra|date=8 January 2020|title=PhonePe Launches Liquid Fund. Should You Invest?|language=en|work=[[Entrepreneur (magazine)|Entrepreneur]]|url=https://www.entrepreneur.com/article/344676#:~:text=Digital%20payments%20company%20PhonePe%20on,into%20a%20liquid%20mutual%20fund.|access-date=11 March 2023|archive-date=16 August 2022|archive-url=https://web.archive.org/web/20220816012722/https://www.entrepreneur.com/article/344676#:~:text=Digital%20payments%20company%20PhonePe%20on,into%20a%20liquid%20mutual%20fund.|url-status=live}}</ref>

In February, PhonePe launched the chat feature on its app to enable its users to have conversations with each other within the app while requesting money or confirming the receipt of payment.<ref>{{cite news|date=3 February 2020|title=PhonePe introduces chat feature on app to ease digital transactions via texts|language=en|work=[[Mint (newspaper)|Mint]]|url=https://www.livemint.com/technology/apps/phonepe-introduces-chat-feature-on-app-to-ease-digital-transactions-via-texts-11580717509591.html|access-date=11 March 2023|archive-date=28 October 2021|archive-url=https://web.archive.org/web/20211028143114/https://www.livemint.com/technology/apps/phonepe-introduces-chat-feature-on-app-to-ease-digital-transactions-via-texts-11580717509591.html|url-status=live}}</ref>

PhonePe launched Super Funds in May to aid long-term wealth creation by helping customers invest in equity, debt, and gold funds of mutual fund companies.<ref>{{cite news|last1=Abrar|first1=Peerzada|date=4 May 2020|title=PhonePe launches Super Funds to help users in long-term wealth creation|work=[[Business Standard]]|url=https://www.business-standard.com/article/companies/phonepe-launches-super-funds-to-help-users-in-long-term-wealth-creation-120050401138_1.html|access-date=11 March 2023|archive-date=15 May 2021|archive-url=https://web.archive.org/web/20210515051630/https://www.business-standard.com/article/companies/phonepe-launches-super-funds-to-help-users-in-long-term-wealth-creation-120050401138_1.html|url-status=live}}</ref>

In June, the company launched domestic multi-trip insurance to cover all risks associated with all modes of travel within India at an affordable annual premium.<ref>{{cite web|last1=Malik|first1=Yuvraj|date=19 September 2019|title=PhonePe's super-app platform 'Switch', a one stop solution for customers|url=https://www.business-standard.com/article/companies/phonepe-s-super-app-platform-switch-a-one-stop-solution-for-customers-119091901357_1.html|access-date=16 January 2020|website=Business Standard India|archive-date=16 January 2020|archive-url=https://web.archive.org/web/20200116104743/https://www.business-standard.com/article/companies/phonepe-s-super-app-platform-switch-a-one-stop-solution-for-customers-119091901357_1.html|url-status=live}}</ref><ref>{{cite news|last1=Banerjee|first1=Prasid|date=22 Jan 2020|title=PhonePe now allows customers to withdraw cash using UPI|publisher=livemint|agency=Mint|url=https://www.livemint.com/companies/news/phonepe-now-allows-customers-to-withdraw-cash-using-upi-11579695985662.html|access-date=12 February 2020|archive-date=23 January 2020|archive-url=https://web.archive.org/web/20200123133235/https://www.livemint.com/companies/news/phonepe-now-allows-customers-to-withdraw-cash-using-upi-11579695985662.html|url-status=live}}</ref>

In July, the company formed a partnership with [[ICICI Lombard]] to launch Hospital Daily Cash insurance that covers expenses incurred during hospitalisation due to injury or illnesses.<ref>{{Cite web|last=Sheth|first=Hemani|title=PhonePe, ICICI Lombard team up to offer Hospital Cash cover|url=https://www.thehindubusinessline.com/money-and-banking/phonepe-icici-lombard-team-up-to-offer-hospital-cash-cover/article32170754.ece|access-date=2021-03-29|website=@businessline|date=23 July 2020 |language=en|archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206052047/https://www.thehindubusinessline.com/money-and-banking/phonepe-icici-lombard-team-up-to-offer-hospital-cash-cover/article32170754.ece|url-status=live}}</ref><ref>{{Cite web|title=PhonePe, ICICI Lombard General Insurance Launch Health Scheme: All You Need To Know|url=https://www.moneycontrol.com/news/business/personal-finance/phonepe-icici-lombard-general-insurance-launch-health-scheme-all-you-need-to-know-5602271.html|access-date=2021-03-29|website=Moneycontrol|date=27 July 2020 |archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206052053/https://www.moneycontrol.com/news/business/personal-finance/phonepe-icici-lombard-general-insurance-launch-health-scheme-all-you-need-to-know-5602271.html|url-status=live}}</ref>
According to a Live Mint report, PhonePe sold 500,000 insurance policies on its platform in September.<ref>{{Cite web |last=Ahaskar |first=Abhijit |date=2020-09-30 |title=PhonePe sells 5 lakh insurance plans in five months |url=https://www.livemint.com/news/india/phonepe-sells-5-lakh-insurance-plans-in-five-months-11601457150584.html |access-date=2023-07-28 |website=mint |language=en}}</ref> During the same month, the company expanded its Mutual Funds offerings by introducing seven new categories.<ref>{{Cite web|date=2020-09-28|title=PhonePe Now Has More Mutual Fund Investment Options; Minimum Investments From Rs 100|url=https://www.news18.com/news/tech/phonepe-now-has-more-mutual-fund-investment-options-minimum-investments-from-rs-100-2915021.html|access-date=2021-03-29|website=www.news18.com|language=en|archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206052048/https://www.news18.com/news/tech/phonepe-now-has-more-mutual-fund-investment-options-minimum-investments-from-rs-100-2915021.html|url-status=live}}</ref><ref>{{Cite web|last=Singh|first=Shipra|date=2020-09-29|title=PhonePe Expands its Mutual Funds Offering by Adding 7 New Categories|url=https://www.entrepreneur.com/article/356854|access-date=2021-03-29|website=Entrepreneur|language=en|archive-date=16 October 2021|archive-url=https://web.archive.org/web/20211016130852/https://www.entrepreneur.com/article/356854|url-status=live}}</ref>

In October, the company ventured into motor insurance with the launch of car and bike insurance policies.<ref>{{Cite news|title=PhonePe in insurance with Bajaj Allianz|work=The Economic Times|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/phonepe-in-insurance-with-bajaj-allianz/articleshow/73572537.cms?from=mdr|access-date=2021-03-29|archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206052051/https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/phonepe-in-insurance-with-bajaj-allianz/articleshow/73572537.cms?from=mdr|url-status=live}}</ref><ref>{{Cite web|date=2020-10-14|title=After travel and Covid, now buy car and bike insurance on Walmart's PhonePe with these benefits|url=https://www.financialexpress.com/industry/sme/after-travel-and-covid-now-buy-car-and-bike-insurance-on-walmarts-phonepe-with-these-benefits/2104768/|access-date=2021-03-29|website=The Financial Express|language=en-US|archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206052054/https://www.financialexpress.com/industry/sme/after-travel-and-covid-now-buy-car-and-bike-insurance-on-walmarts-phonepe-with-these-benefits/2104768/|url-status=live}}</ref>

According to a report by Business Standards in November, PhonePe emerged as the largest platform for purchasing digital gold, capturing a 35% market share.<ref>{{Cite news|last=Abrar|first=Peerzada|date=2020-11-18|title=PhonePe becomes largest platform for buying digital gold with 35% mkt share|work=Business Standard India|url=https://www.business-standard.com/article/companies/phonepe-becomes-largest-platform-for-buying-digital-gold-with-35-mkt-share-120111801308_1.html#:~:text=Walmart-owned%20digital%20payments%20firm,35%20per%20cent%20market%20share.|access-date=2021-03-29|archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206053555/https://www.business-standard.com/article/companies/phonepe-becomes-largest-platform-for-buying-digital-gold-with-35-mkt-share-120111801308_1.html#:~:text=Walmart-owned%20digital%20payments%20firm,35%20per%20cent%20market%20share.|url-status=live}}</ref>

In December, Flipkart partially hived off PhonePe into a separate entity in order to access dedicated capital. As a part of this hive-off, PhonePe secured US$700 million in primary capital at a post-money valuation of US$5.5 billion from existing investors of [[Flipkart]] led by [[Walmart]].<ref>{{Cite web|last=Singh|first=Shipra|date=2020-12-03|title=Flipkart Splits PhonePe In a Separate Unit, Latter to Raise $700 Mn at $5.5 Bn Valuation|url=https://www.entrepreneur.com/article/360870|access-date=2021-03-29|website=Entrepreneur|language=en|archive-date=21 May 2022|archive-url=https://web.archive.org/web/20220521003818/https://www.entrepreneur.com/article/360870|url-status=live}}</ref><ref>{{Cite news|date=2020-12-03|title=Flipkart partially spins off PhonePe in $700 million fundraising round|work=Business Standard India|agency=Press Trust of India|url=https://www.business-standard.com/article/pti-stories/flipkart-partially-spins-off-phonepe-in-usd-700-mn-fundraising-round-120120300517_1.html|access-date=2021-03-29|archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206053553/https://www.business-standard.com/article/pti-stories/flipkart-partially-spins-off-phonepe-in-usd-700-mn-fundraising-round-120120300517_1.html|url-status=live}}</ref>

=== 2021 ===
In March, PhonePe became the first digital payments platform to cross 1 billion monthly transactions on UPI, clocking almost 1.3 billion transactions across all of its payment offerings, including third-party debit and credit cards and its own digital wallet.<ref name="a721">{{cite web | last=Bhalla | first=Tarush | title=PhonePe becomes first player to cross billion-transaction mark on UPI | website=mint | date=2021-04-01 | url=https://www.livemint.com/news/india/phonepe-becomes-first-player-to-cross-billion-transaction-mark-on-upi-11617265523373.html | access-date=2024-05-23}}</ref>

PhonePe emerged as a significant player in processing transactions on the Bharat Bill Payment System, according to reports.<ref>{{Cite web|last=Iyer|first=Priyanka|date=23 September 2021|title=After UPI, PhonePe Dominates Bharat Bill Pay With 49% Volume Share In August|url=https://www.moneycontrol.com/news/companies-2/after-upi-phonepe-dominates-bharat-bill-pay-with-49-volume-share-in-august-7499251.html|access-date=2022-01-29|website=Moneycontrol|language=en|archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206052055/https://www.moneycontrol.com/news/companies-2/after-upi-phonepe-dominates-bharat-bill-pay-with-49-volume-share-in-august-7499251.html|url-status=live}}</ref> It reportedly registered over 1 million UPI-enabled AutoPay mandates since the launch of the AutoPay functionality feature.<ref>{{Cite news|last=Panda|first=Subrata|date=2021-09-08|title=PhonePe received a million UPI autopay mandates in past three months|work=Business Standard India|url=https://www.business-standard.com/article/companies/phonepe-received-a-million-upi-autopay-mandates-in-past-three-months-121090800783_1.html#:~:text=PhonePe%20received%20a%20million%20UPI%20autopay%20mandates%20in%20past%20three%20months,-Subrata%20Panda%20%7C%20Mumbai&text=Walmart-backed%20digital%20payments%20firm,top-ups,%20and%20SIPs.|access-date=2022-01-29|archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206052053/https://www.business-standard.com/article/companies/phonepe-received-a-million-upi-autopay-mandates-in-past-three-months-121090800783_1.html#:~:text=PhonePe%20received%20a%20million%20UPI%20autopay%20mandates%20in%20past%20three%20months,-Subrata%20Panda%20%7C%20Mumbai&text=Walmart-backed%20digital%20payments%20firm,top-ups,%20and%20SIPs.|url-status=live}}</ref> It had also processed over 2 billion monthly transactions on its platform in October.<ref>{{Cite news|title=Processed 2 billion transactions in October: PhonePe {{!}} Bengaluru News - Times of India|url=https://timesofindia.indiatimes.com/city/bengaluru/processed-2bn-transactions-in-oct-phonepe/articleshow/87768664.cms|access-date=2022-01-29|website=The Times of India|date=18 November 2021 |language=en|archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206052048/https://timesofindia.indiatimes.com/city/bengaluru/processed-2bn-transactions-in-oct-phonepe/articleshow/87768664.cms|url-status=live}}</ref>

=== 2022 ===
In May 2022, PhonePe announced the acquisition of Wealth Management platform WealthDesk and Smart Beta Wealth Management Platform, OpenQ. The acquisitions were done with the aim of widening PhonePe's offerings in the wealth management space.<ref>{{cite journal|date=17 May 2022|url=https://www.bloomberg.com/news/articles/2022-05-17/phonepe-to-buy-wealth-management-firms-for-75-million|title=Walmart-Backed PhonePe Buys Indian Wealth Management Firms|journal=Bloomberg|access-date=19 May 2022|url-status=live|archive-date=5 July 2022|archive-url=https://web.archive.org/web/20220705195511/https://www.bloomberg.com/news/articles/2022-05-17/phonepe-to-buy-wealth-management-firms-for-75-million}}</ref> In April 2022, PhonePe crossed 100 million transactions a day.<ref name=":5">{{Cite web |date=2022-04-13 |title=PhonePe tops 100 mn transactions a day, does 2.5 bn transactions a month |url=https://www.business-standard.com/article/companies/phonepe-tops-100-mn-transactions-a-day-does-2-5-bn-transactions-a-month-122041300514_1.html |url-status=live |archive-url=https://web.archive.org/web/20230331113102/https://www.business-standard.com/article/companies/phonepe-tops-100-mn-transactions-a-day-does-2-5-bn-transactions-a-month-122041300514_1.html |archive-date=31 March 2023 |access-date=2023-03-29 |website=Business Standard |language=en-US}}</ref>

By September 2022, PhonePe had enabled the digitization of payments for 8 million merchants under [[Reserve Bank of India|RBI]] Payments Infrastructure Development Fund (PIDF) scheme.<ref>{{Cite web |title=PhonePe digitises payments for 80 lakh merchants in the last 18 months |url=https://www.financialexpress.com/industry/sme/msme-eodb-phonepe-digitises-payments-for-80-lakh-merchants-in-the-last-18-months/2652315/ |access-date=2023-03-29 |website=Financialexpress |date=September 2022 |language=en |archive-date=31 March 2023 |archive-url=https://web.archive.org/web/20230331112408/https://www.financialexpress.com/industry/sme/msme-eodb-phonepe-digitises-payments-for-80-lakh-merchants-in-the-last-18-months/2652315/ |url-status=live }}</ref> PhonePe also tokenized 14 million debit and credit cards in compliance with the [[Reserve Bank of India|RBI]]'s required card tokenization, to limit the possibility of fraud and protect customers' card information.<ref>{{Cite web |date=2022-09-08 |title=PhonePe tokenizes 14 million debit and credit cards prior to RBI's deadline |url=https://www.livemint.com/news/india/phonepe-tokenizes-14-million-debit-and-credit-cards-prior-to-rbi-s-deadline-11662629456402.html |access-date=2023-03-29 |website=mint |language=en |archive-date=31 March 2023 |archive-url=https://web.archive.org/web/20230331112412/https://www.livemint.com/news/india/phonepe-tokenizes-14-million-debit-and-credit-cards-prior-to-rbi-s-deadline-11662629456402.html |url-status=live }}</ref> In September, PhonePe also announced the opening of its new 50,000 sq ft office in [[Pune]].<ref>{{Cite web |title=PhonePe Opens Its New 50 000 sq ft Office In Pune |url=http://bwdisrupt.businessworld.in/article/PhonePe-Opens-Its-New-50-000-sq-ft-Office-In-Pune-/27-09-2022-448295 |access-date=2023-03-29 |website=BW Disrupt |language=en}}</ref> In November, PhonePe became the first UPI TPAP App to enable UPI activation with [[Aadhaar]].<ref name=":6" />

=== 2023 ===
In January, PhonePe declared the completion of its domicile shift to India and the full separation from [[Flipkart]].<ref name=":7">{{Cite web |last=Singh |first=Manish |date=2022-12-23 |title=Flipkart and PhonePe complete separation |url=https://techcrunch.com/2022/12/22/flipkart-and-phonepe-complete-separation/ |access-date=2023-03-29 |website=TechCrunch |language=en-US |archive-date=7 June 2023 |archive-url=https://web.archive.org/web/20230607194232/https://techcrunch.com/2022/12/22/flipkart-and-phonepe-complete-separation/ |url-status=live }}</ref> In February, PhonePe became the first fintech platform to enable cross-border UPI payments.<ref name=":6" /> In March, PhonePe hit an annualized TPV (total payment value) run-rate of USD $1Trillion (Rs.84 Lac Crs).<ref>{{Cite web |date=2023-03-11 |title=PhonePe hits $1-trillion in annualised total payment value run rate |url=https://www.thehindubusinessline.com/money-and-banking/phonepe-hits-1-trillion-in-annualised-total-payment-value-run-rate/article66606910.ece |access-date=2023-07-26 |website=www.thehindubusinessline.com |language=en}}</ref>

In April 2023, PhonePe launched a shopping app called Pincode. It is a dedicated shopping app that focuses on hyperlocal e-commerce, catering to the specific needs of users within their locality. The app leverages the power of ONDC, a technology platform developed by the Government of India.<ref>{{Cite news |last=Hebbalalu |first=Varunvyas |date=2023-04-04 |title=India's PhonePe launches e-commerce app on government's open network |language=en |work=Reuters |url=https://www.reuters.com/technology/indias-phonepe-launches-e-commerce-app-governments-open-network-2023-04-04/ |access-date=2023-07-24}}</ref><ref name=":8">{{Cite news |date=2023-04-05 |title=PhonePe's local commerce app 'Pincode' goes live on the ONDC network |work=The Times of India |url=https://timesofindia.indiatimes.com/gadgets-news/phonepes-local-commerce-app-pincode-goes-live-on-the-ondc-network/articleshow/99257634.cms |access-date=2023-07-24 |issn=0971-8257}}</ref><ref name=":9">{{Cite web |date=2023-04-04 |title=PhonePe launches new shopping app Pincode on ONDC |url=https://www.thehindubusinessline.com/companies/phonepe-introduces-new-shopping-app-pincode/article66698378.ece |access-date=2023-07-24 |website=www.thehindubusinessline.com |language=en}}</ref>

In May, PhonePe introduced the UPI LITE feature on its app, allowing users to initiate low value payments under {{INRConvert|200}} on their app.<ref>{{Cite news |date=2023-05-03 |title=After Paytm, PhonePe goes live with UPI Lite: All you need to know |work=The Times of India |url=https://timesofindia.indiatimes.com/gadgets-news/after-paytm-phonepe-goes-live-with-upi-lite-all-you-need-to-know/articleshow/99964853.cms |access-date=2023-07-24 |issn=0971-8257}}</ref><ref>{{Cite news |date=2023-05-03 |title=PhonePe goes live with UPI Lite |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/technology/phonepe-goes-live-with-upi-lite/articleshow/99954412.cms?from=mdr |access-date=2023-07-24 |issn=0013-0389}}</ref>

In May, PhonePe also became the first digital payments app to enable the linkage of 200,000 Rupay credit cards to the Unified Payments Interface (UPI), and processed a total payment value (TPV) of {{INRConvert|1.5|b|year=2023}} through Rupay Credit on UPI.<ref>{{Cite web |date=2023-05-25 |title=PhonePe becomes first payment app to link two lakh Rupay credit cards to UPI |url=https://www.cnbctv18.com/personal-finance/phonepe-becomes-first-payment-app-to-link-two-lakh-rupay-credit-cards-to-upi-16767201.htm |access-date=2023-07-25 |website=cnbctv18.com |language=en}}</ref><ref>{{Cite news |last=Abrar |first=Peerzada |date= |title=PhonePe links 2 lakh Rupay credit cards to UPI, says it is first to do it |work=Business Standard |url=https://www.business-standard.com/companies/news/phonepe-links-2-lakh-rupay-credit-cards-to-upi-says-it-is-first-to-do-it-123052501178_1.html}}</ref>

In June, PhonePe launched its Account Aggregator services, offered through its subsidiary PhonePe Technology Services Pvt Ltd (PTSPL).<ref>{{Cite news |date=2023-06-06 |title=PhonePe launches Account Aggregator services |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/technology/phonepe-launches-account-aggregator-services/articleshow/100792460.cms |access-date=2023-07-25 |issn=0013-0389}}</ref> This service allows Indian consumers to securely share their financial data, including bank statements, insurance policies, and tax filings, with regulated Financial Institutions or FIUs, facilitating various use cases such as loan applications, insurance purchases, and investment advice.<ref name=":10">{{Cite web |date=2023-06-07 |title=PhonePe introduces account aggregator services |url=https://www.thehindubusinessline.com/money-and-banking/phonepe-introduces-account-aggregator-services/article66941655.ece |access-date=2023-07-25 |website=www.thehindubusinessline.com |language=en}}</ref><ref>{{Cite web |date=2023-06-07 |title=PhonePe launches account aggregator service, allowing app users to share financial data |url=https://www.financialexpress.com/industry/phonepe-launches-account-aggregator-service/3116067/ |access-date=2023-07-25 |website=Financialexpress |language=en}}</ref>

In June, PhonePe launched its payment gateway aimed at a broader spectrum of offline and online merchants, including small and medium businesses, to improve access to digital payment solutions.<ref>{{Cite web |date=2023-06-16 |title=PhonePe Launches In-App Payment Gateway to Assist MSMEs in India |url=https://www.thehindubusinessline.com/money-and-banking/phonepe-launches-its-own-payment-solution-for-msmes/article66975524.ece |access-date=2023-07-26 |website=www.thehindubusinessline.com |language=en}}</ref><ref>{{Cite web |date=2023-06-14 |title=PhonePe launches payment gateway with zero setup, annual maintenance fee for MSME merchants |url=https://www.financialexpress.com/industry/sme/msme-eodb-phonepe-launches-payment-gateway-with-zero-setup-annual-maintenance-fee-for-msme-merchants/3125984/ |access-date=2023-07-26 |website=Financialexpress |language=en}}</ref>

In June, PhonePe introduced merchant lending services on its platform, enabling banks and non-banking financial companies (NBFCs) to extend credit to over 35 million merchants.<ref>{{Cite news |last=Bhakta |first=Pratik |date=2023-06-23 |title=PhonePe taps merchants in big lending push |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/startups/phonepe-taps-merchants-in-big-lending-push/articleshow/101219604.cms?from=mdr |access-date=2023-07-28 |issn=0013-0389}}</ref><ref>{{Cite web |date=2023-06-23 |title=PhonePe launches platform for merchant lending in boost for SME loans |url=https://www.cnbctv18.com/business/phonepe-launches-platform-for-merchant-lending-in-boost-for-sme-loans-17025861.htm |access-date=2023-07-28 |website=cnbctv18.com |language=en}}</ref><ref>{{Cite web |date=2023-06-23 |title=Walmart-backed PhonePe launches merchant lending services |url=https://www.moneycontrol.com/news/business/announcements/walmart-backed-phonepe-launches-merchant-lending-services-10848151.html |access-date=2023-07-28 |website=Moneycontrol |language=en}}</ref>

In July, PhonePe launched Health Insurance platform with monthly subscriptions in partnership with insurers, to introduce the UPI monthly mode of payment.<ref name="The Economic Times 2023 o426">{{cite web | title=PhonePe launches health insurance platform that allows monthly premium payments | website=The Economic Times | date=2023-07-18 | url=https://economictimes.indiatimes.com/industry/banking/finance/insure/phonepe-launches-health-insurance-platform-that-allows-monthly-premium-payments/articleshow/101855713.cms?from=mdr | access-date=2024-04-11}}</ref>

In July 2023, PhonePe launched a Point-of-sale (POS) device allowing merchants to accept debit card, credit card and UPI payments.<ref name="Bureau 2023 j597">{{cite web | last=Bureau | first=BL Bengaluru | title=PhonePe launches POS solution for merchant partners | website=BusinessLine | date=2023-07-06 | url=https://www.thehindubusinessline.com/money-and-banking/phonepe-launches-pos-solution-for-merchant-partners/article67049556.ece | access-date=2024-04-11}}</ref>

In August, PhonePe SmartSpeakers introduced voice payment notifications for customer payment validation. Additionally, PhonePe launched a collaboration with Indian actor [[Amitabh Bachchan]] to provide a celebrity voice option for payment validation on SmartSpeakers.<ref name="The News Minute 2023 d883">{{cite web | title=PhonePe SmartSpeakers offers voice payment notifications in Tamil, Malayalam, Telugu, Kannada | website=The News Minute | date=2023-08-08 | url=https://www.thenewsminute.com/news/phonepe-smartspeakers-offers-voice-payment-notifications-tamil-malayalam-telugu-kannada-1 | access-date=2024-04-11}}</ref>

In December 2023, PhonePe introduced a new Credit section on its platform. The section allows users features related to credit, including viewing credit bureau scores and managing credit cards and loans.<ref name="Bureau 2023 j716">{{cite web | last=Bureau | first=Zee Media | title=Now, PhonePe Users Can View Their Credit Bureau Score Without Additional Cost | website=Zee News | date=2023-12-21 | url=https://zeenews.india.com/personal-finance/now-phonepe-users-can-view-their-credit-bureau-score-without-additional-cost-2701411.html | access-date=2024-04-19}}</ref>

=== 2024 ===
In February, PhonePe SmartSpeakers introduced a celebrity voice feature in partnership with Indian actors Mammootty, Kichcha Sudeep, and Mahesh Babu. This feature enables validation of customer payments in English and regional languages - Malayalam, Kannada, and Telugu - using the respective celebrity voices, catering to users in Kerala, Karnataka, Andhra Pradesh, and Telangana.<ref name="ETBrandEquity.com 2024 k682">{{cite web | title=PhonePe ropes in Mammooty, Kichcha Sudeep and Mahesh Babu | website=ETBrandEquity.com | date=2024-02-27 | url=https://brandequity.economictimes.indiatimes.com/news/marketing/phonepe-ropes-in-mammooty-kichcha-sudeep-and-mahesh-babu/108043058 | access-date=2024-04-19}}</ref>

PhonePe implemented cross-border UPI functionality with [[LankaPay]] on 15 May 2024.<ref>{{Cite news |last=Chaudhury |first=Dipanjan Roy |date=2024-05-17 |title=PhonePe UPI payments launched in Sri Lanka |url=https://economictimes.indiatimes.com/industry/banking/finance/phonepe-upi-payments-launched-in-sri-lanka/articleshow/110186974.cms?from=mdr |access-date=2024-05-17 |work=The Economic Times |issn=0013-0389}}</ref> In Sri Lanka, Indian PhonePe users can pay with UPI by scanning the [[LANKAQR]] code.<ref>{{Cite web |last=Tripathi |first=Naandika |date=15 May 2024 |title=PhonePe Launches Cross-border UPI Payments In Sri Lanka |url=https://www.forbesindia.com/article/news/phonepe-launches-crossborder-upi-payments-in-sri-lanka/93103/1 |access-date=2024-05-17 |website=Forbes India |language=en}}</ref>


== Ownership and funding ==
== Ownership and funding ==
In December 2020, [[Flipkart]] and PhonePe declared a partial split, with [[Walmart]] maintaining its majority ownership in PhonePe and the two entities now functioning independently.<ref name=":7">{{Cite web |last=Singh |first=Manish |date=2022-12-23 |title=Flipkart and PhonePe complete separation |url=https://techcrunch.com/2022/12/22/flipkart-and-phonepe-complete-separation/ |url-status=live |archive-url=https://web.archive.org/web/20230607194232/https://techcrunch.com/2022/12/22/flipkart-and-phonepe-complete-separation/ |archive-date=7 June 2023 |access-date=2023-03-29 |website=TechCrunch |language=en-US}}</ref>
In December 2020, [[Flipkart]] and PhonePe declared a partial split, with [[Walmart]] maintaining its majority ownership in PhonePe and the two entities now functioning independently.<ref name=":7" />


PhonePe announced the acquisition of $350 million from General Atlantic, a US growth equity firm, at a pre-money valuation of $12 billion.<ref>{{Cite web |last=Rawat |first=Aman |date=2023-01-19 |title=PhonePe raises $350 mn from General Atlantic at $12 bn valuation |url=https://www.livemint.com/companies/start-ups/phonepe-raises-350-mn-from-general-atlantic-at-12-bn-valuation-11674108233101.html |access-date=2023-03-29 |website=mint |language=en |archive-date=19 April 2023 |archive-url=https://web.archive.org/web/20230419102302/https://www.livemint.com/companies/start-ups/phonepe-raises-350-mn-from-general-atlantic-at-12-bn-valuation-11674108233101.html |url-status=live }}</ref> Subsequently, another $100 million was attained in primary capital in February 2023 from Ribbit Capital, [[Tiger Global Management|Tiger Global]], and TVS Capital Funds, followed by $200 million in primary capital from [[Walmart]], and another $100 million from [[General Atlantic]] at the same valuation. This brings the total amount of funding raised by PhonePe to $850 million.<ref>{{Cite web |title=PhonePe raises $100 million in additional funding |url=https://www.financialexpress.com/industry/phonepe-raises-100-million-in-additional-funding/2981617/ |access-date=2023-03-29 |website=Financialexpress |date=15 February 2023 |language=en |archive-date=4 April 2023 |archive-url=https://web.archive.org/web/20230404105443/https://www.financialexpress.com/industry/phonepe-raises-100-million-in-additional-funding/2981617/ |url-status=live }}</ref><ref>{{Cite news |date=2023-05-23 |title=PhonePe gets another $100 million from General Atlantic; total funding rises to $850 million |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/funding/phonepe-raises-additional-100-million-from-general-atlantic/articleshow/100413143.cms?from=mdr |access-date=2023-07-26 |issn=0013-0389}}</ref>
PhonePe announced the acquisition of $350 million from General Atlantic, a US growth equity firm, at a pre-money valuation of $12 billion.<ref>{{Cite web |last=Rawat |first=Aman |date=2023-01-19 |title=PhonePe raises $350 mn from General Atlantic at $12 bn valuation |url=https://www.livemint.com/companies/start-ups/phonepe-raises-350-mn-from-general-atlantic-at-12-bn-valuation-11674108233101.html |access-date=2023-03-29 |website=mint |language=en |archive-date=19 April 2023 |archive-url=https://web.archive.org/web/20230419102302/https://www.livemint.com/companies/start-ups/phonepe-raises-350-mn-from-general-atlantic-at-12-bn-valuation-11674108233101.html |url-status=live }}</ref> Subsequently, another $100 million was attained in primary capital in February 2023 from Ribbit Capital, [[Tiger Global Management|Tiger Global]], and TVS Capital Funds, followed by $200 million in primary capital from [[Walmart]], and another $100 million from [[General Atlantic]] at the same valuation. This brings the total amount of funding raised by PhonePe to $850 million.<ref>{{Cite web |title=PhonePe raises $100 million in additional funding |url=https://www.financialexpress.com/industry/phonepe-raises-100-million-in-additional-funding/2981617/ |access-date=2023-03-29 |website=Financialexpress |date=15 February 2023 |language=en |archive-date=4 April 2023 |archive-url=https://web.archive.org/web/20230404105443/https://www.financialexpress.com/industry/phonepe-raises-100-million-in-additional-funding/2981617/ |url-status=live }}</ref><ref>{{Cite news |date=2023-05-23 |title=PhonePe gets another $100 million from General Atlantic; total funding rises to $850 million |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/funding/phonepe-raises-additional-100-million-from-general-atlantic/articleshow/100413143.cms?from=mdr |access-date=2023-07-26 |issn=0013-0389}}</ref>
Line 59: Line 131:
In March 2022, it  was also registered as a Bharat Bill Payment Operating Unit (BBPOU) with the Reserve Bank of India (RBI) under the Bharat Bill Payment Systems (BBPS).<ref>{{Cite web |title= |url=https://www.npci.org.in/what-we-do/bharat-billpay/product-statistics/live-customer-bbpous?TSPD_101_R0=08f002952bab2000e33479988523272b7e9db28ab6471b6805076ef9199f97bc613c3d3cdd3ae1ab0846bdbf55143000cd54d0113def80e8b7cd0e8cebcd6e9f576631b9d6a47bd0d7be71529f0be6ede300dcdb9ba15257a4fe4ab30d33af9c |access-date=2023-07-30 |website=www.npci.org.in}}</ref><ref>{{Cite web |title=Customer BBPOUs |url=https://www.bharatbillpay.com/statistics/customer-bbpous |access-date=2023-07-30 |website=www.bharatbillpay.com}}</ref>
In March 2022, it  was also registered as a Bharat Bill Payment Operating Unit (BBPOU) with the Reserve Bank of India (RBI) under the Bharat Bill Payment Systems (BBPS).<ref>{{Cite web |title= |url=https://www.npci.org.in/what-we-do/bharat-billpay/product-statistics/live-customer-bbpous?TSPD_101_R0=08f002952bab2000e33479988523272b7e9db28ab6471b6805076ef9199f97bc613c3d3cdd3ae1ab0846bdbf55143000cd54d0113def80e8b7cd0e8cebcd6e9f576631b9d6a47bd0d7be71529f0be6ede300dcdb9ba15257a4fe4ab30d33af9c |access-date=2023-07-30 |website=www.npci.org.in}}</ref><ref>{{Cite web |title=Customer BBPOUs |url=https://www.bharatbillpay.com/statistics/customer-bbpous |access-date=2023-07-30 |website=www.bharatbillpay.com}}</ref>


In January 2023, PhonePe Technology Services Private Limited, a subsidiary of PhonePe, obtained regulatory approval from the Reserve Bank of India (RBI) to operate as an Account Aggregator.<ref name=":10">{{Cite web |date=2023-06-07 |title=PhonePe introduces account aggregator services |url=https://www.thehindubusinessline.com/money-and-banking/phonepe-introduces-account-aggregator-services/article66941655.ece |access-date=2023-07-25 |website=www.thehindubusinessline.com |language=en}}</ref>
In January 2023, PhonePe Technology Services Private Limited, a subsidiary of PhonePe, obtained regulatory approval from the Reserve Bank of India (RBI) to operate as an Account Aggregator.<ref name=":10" />


In March 2023, PhonePe obtained an In-principle approval from the RBI to serve as a Payment Aggregator.<ref>{{Cite news |date=2023-03-11 |title=PhonePe gets payment aggregator licence, reaches $1 trillion annualised payment value run rate |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/startups/phonepe-reaches-1-trillion-annualised-payment-value-run-rate-gets-payment-aggregator-licence/articleshow/98560681.cms?from=mdr |access-date=2023-07-30 |issn=0013-0389}}</ref>
In March 2023, PhonePe obtained an In-principle approval from the RBI to serve as a Payment Aggregator.<ref>{{Cite news |date=2023-03-11 |title=PhonePe gets payment aggregator licence, reaches $1 trillion annualised payment value run rate |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/startups/phonepe-reaches-1-trillion-annualised-payment-value-run-rate-gets-payment-aggregator-licence/articleshow/98560681.cms?from=mdr |access-date=2023-07-30 |issn=0013-0389}}</ref>
Line 66: Line 138:
*In 2018: Won the UPI Digital Innovation Award from NPCI in 2018.<ref>{{Cite news|last=Kannan|first=Uma|date=6 August 2018|title=PhonePe eyes top slot in digital payments|newspaper=[[Deccan Herald]]|url=https://www.deccanherald.com/business/economy-business/phonepe-eyes-top-slot-digital-685738.html|access-date=11 March 2023|archive-date=27 November 2021|archive-url=https://web.archive.org/web/20211127121826/https://www.deccanherald.com/business/economy-business/phonepe-eyes-top-slot-digital-685738.html|url-status=live}}</ref>
*In 2018: Won the UPI Digital Innovation Award from NPCI in 2018.<ref>{{Cite news|last=Kannan|first=Uma|date=6 August 2018|title=PhonePe eyes top slot in digital payments|newspaper=[[Deccan Herald]]|url=https://www.deccanherald.com/business/economy-business/phonepe-eyes-top-slot-digital-685738.html|access-date=11 March 2023|archive-date=27 November 2021|archive-url=https://web.archive.org/web/20211127121826/https://www.deccanherald.com/business/economy-business/phonepe-eyes-top-slot-digital-685738.html|url-status=live}}</ref>
*India Advertising Awards 2018 in the Telecom and Technology category<ref name="Campaign India 2018 z755">{{cite web | title=MullenLowe Lintas Group and Ogilvy dominate the IndIAA Awards | website=Campaign India | date=2018-08-31 | url=https://www.campaignindia.in/article/mullenlowe-lintas-group-and-ogilvy-dominate-the-indiaa-awards/446901 | access-date=2024-04-19}}</ref>
*India Advertising Awards 2018 in the Telecom and Technology category<ref name="Campaign India 2018 z755">{{cite web | title=MullenLowe Lintas Group and Ogilvy dominate the IndIAA Awards | website=Campaign India | date=2018-08-31 | url=https://www.campaignindia.in/article/mullenlowe-lintas-group-and-ogilvy-dominate-the-indiaa-awards/446901 | access-date=2024-04-19}}</ref>
*Fintech of the Year from BW Festival of Fintech Awards 2022<ref name="Checking your browser d356">{{cite web | title=BW FinTech 2022: Top Innovators To Watch Out For | website=businessworld.in | url=https://bwdisrupt.businessworld.in/article/BW-FinTech-2022-Top-Innovators-To-Watch-Out-For/03-06-2022-431259/ | access-date=2024-04-19}}</ref>


== Legal challenges ==
== Legal challenges ==

Revision as of 20:07, 24 July 2024

PhonePe
Type of businessPrivate
Type of site
Digital payments & Financial services
Available inMultilingual (11)
Founded2015; 9 years ago (2015)
HeadquartersSalarpuria Softzone, Bengaluru, Karnataka,
India[1]
Area servedIndia
Founder(s)
IndustryInternet, E-commerce, Fintech, Financial services, Mutual funds, Insurance, Digital gold, Payment gateway, ONDC, Lending, Wealth Management
Services
RevenueIncrease ₹2,914 crore (US$350 million) (2023)[3]
ParentWalmart
URLphonepe.com
CommercialYes
RegistrationRequired
Users500 million[4]
Current statusActive
Native client(s) onAndroid
iOS

PhonePe is an Indian digital payments and financial services company[5] headquartered in Bengaluru, Karnataka, India.[6][7] PhonePe was founded in December 2015,[2] by Sameer Nigam, Rahul Chari and Burzin Engineer.[8] The PhonePe app, based on the Unified Payments Interface (UPI), went live in August 2016.[9]

The PhonePe app is accessible in 11 Indian languages.[10] It enables users to perform various financial transactions such as sending and receiving money, recharging mobile and DTH, making utility payments, conducting in-store payments.[11][12]

History

PhonePe was incorporated in December 2015.[13] In April 2016, the company was acquired by Flipkart[14][15] and as part of the acquisition, the FxMart license was transferred to PhonePe and rebranded as the PhonePe wallet. PhonePe's founder Sameer Nigam was appointed as the CEO of the company.[16]

In August 2016, the company partnered with Yes Bank to launch a UPI-based mobile payment app, based on the government-backed UPI platform.[2][17][18]

In January 2018, the app garnered ten million downloads.[19][20] In August 2017, the PhonePe app surpassed BHIM in UPI transactions.[21]

In 2022, PhonePe became the first UPI TPAP (Third Party Application Providers) App to allow UPI activation through Aadhaar. A year later, it further expanded its services by launching international UPI payments, allowing Indian users traveling abroad to pay foreign merchants with Unified Payments Interface (UPI).[22] As per NPCI's UPI ecosystem statistics, PhonePe currently holds a 50% market share by value of transactions in the UPI market.[23][24]

In 2022, PhonePe obtained licensing from the Reserve Bank of India for operating a Semi-Closed Prepaid Payment system.[25][26]

In August 2023, PhonePe introduced a stock broking app and web platform named Share Market, via its subsidiary PhonePe Wealth Broking. The platform allows users to trade in stocks and mutual funds, including intraday trading and pre-curated investment baskets.[27]

In February 2024, PhonePe introduced Indus Appstore, a mobile app store. The app store offers over 2 lakh apps and games across 45 categories.[28]

Innovation and partnerships

PhonePe helps merchants to accept payments through all UPI-based apps, debit and credit cards, as well as wallet (Including third party wallets) on the app.[29]

2017

In October, PhonePe launched a low-cost POS device built in India. The Bluetooth enabled POS device looks like a calculator and works with AA batteries. The hardware uses Bluetooth connectivity and enables payments through all the mobile devices that can access the PhonePe app.[30][31]

In January 2018, PhonePe established a partnership with Freecharge, allowing PhonePe users to link their existing Freecharge wallets to the PhonePe app.[32] Additionally, PhonePe has entered into similar collaborations with Jio Money and Airtel Money.[33]

2019

PhonePe introduced tax-saving funds aimed at assisting customers in minimizing their tax burden through investments in equity-linked saving schemes.[34][35] In the same year, according to Economic Times report PhonePe became the first payment app to enable customers to place bids for initial public offerings through the UPI platform.[36]

2020

In January, PhonePe became the inaugural digital payment platform in India to introduce international travel insurance.[37] PhonePe collaborated with Aditya Birla Mutual Fund to launch the Liquid Fund, offering users the combined benefits of a fixed deposit and a mutual fund.[38]

In February, PhonePe launched the chat feature on its app to enable its users to have conversations with each other within the app while requesting money or confirming the receipt of payment.[39]

PhonePe launched Super Funds in May to aid long-term wealth creation by helping customers invest in equity, debt, and gold funds of mutual fund companies.[40]

In June, the company launched domestic multi-trip insurance to cover all risks associated with all modes of travel within India at an affordable annual premium.[41][42]

In July, the company formed a partnership with ICICI Lombard to launch Hospital Daily Cash insurance that covers expenses incurred during hospitalisation due to injury or illnesses.[43][44] According to a Live Mint report, PhonePe sold 500,000 insurance policies on its platform in September.[45] During the same month, the company expanded its Mutual Funds offerings by introducing seven new categories.[46][47]

In October, the company ventured into motor insurance with the launch of car and bike insurance policies.[48][49]

According to a report by Business Standards in November, PhonePe emerged as the largest platform for purchasing digital gold, capturing a 35% market share.[50]

In December, Flipkart partially hived off PhonePe into a separate entity in order to access dedicated capital. As a part of this hive-off, PhonePe secured US$700 million in primary capital at a post-money valuation of US$5.5 billion from existing investors of Flipkart led by Walmart.[51][52]

2021

In March, PhonePe became the first digital payments platform to cross 1 billion monthly transactions on UPI, clocking almost 1.3 billion transactions across all of its payment offerings, including third-party debit and credit cards and its own digital wallet.[53]

PhonePe emerged as a significant player in processing transactions on the Bharat Bill Payment System, according to reports.[54] It reportedly registered over 1 million UPI-enabled AutoPay mandates since the launch of the AutoPay functionality feature.[55] It had also processed over 2 billion monthly transactions on its platform in October.[56]

2022

In May 2022, PhonePe announced the acquisition of Wealth Management platform WealthDesk and Smart Beta Wealth Management Platform, OpenQ. The acquisitions were done with the aim of widening PhonePe's offerings in the wealth management space.[57] In April 2022, PhonePe crossed 100 million transactions a day.[58]

By September 2022, PhonePe had enabled the digitization of payments for 8 million merchants under RBI Payments Infrastructure Development Fund (PIDF) scheme.[59] PhonePe also tokenized 14 million debit and credit cards in compliance with the RBI's required card tokenization, to limit the possibility of fraud and protect customers' card information.[60] In September, PhonePe also announced the opening of its new 50,000 sq ft office in Pune.[61] In November, PhonePe became the first UPI TPAP App to enable UPI activation with Aadhaar.[22]

2023

In January, PhonePe declared the completion of its domicile shift to India and the full separation from Flipkart.[62] In February, PhonePe became the first fintech platform to enable cross-border UPI payments.[22] In March, PhonePe hit an annualized TPV (total payment value) run-rate of USD $1Trillion (Rs.84 Lac Crs).[63]

In April 2023, PhonePe launched a shopping app called Pincode. It is a dedicated shopping app that focuses on hyperlocal e-commerce, catering to the specific needs of users within their locality. The app leverages the power of ONDC, a technology platform developed by the Government of India.[64][65][66]

In May, PhonePe introduced the UPI LITE feature on its app, allowing users to initiate low value payments under ₹200 (US$2.40) on their app.[67][68]

In May, PhonePe also became the first digital payments app to enable the linkage of 200,000 Rupay credit cards to the Unified Payments Interface (UPI), and processed a total payment value (TPV) of ₹1.5 billion (US$18 million) through Rupay Credit on UPI.[69][70]

In June, PhonePe launched its Account Aggregator services, offered through its subsidiary PhonePe Technology Services Pvt Ltd (PTSPL).[71] This service allows Indian consumers to securely share their financial data, including bank statements, insurance policies, and tax filings, with regulated Financial Institutions or FIUs, facilitating various use cases such as loan applications, insurance purchases, and investment advice.[72][73]

In June, PhonePe launched its payment gateway aimed at a broader spectrum of offline and online merchants, including small and medium businesses, to improve access to digital payment solutions.[74][75]

In June, PhonePe introduced merchant lending services on its platform, enabling banks and non-banking financial companies (NBFCs) to extend credit to over 35 million merchants.[76][77][78]

In July, PhonePe launched Health Insurance platform with monthly subscriptions in partnership with insurers, to introduce the UPI monthly mode of payment.[79]

In July 2023, PhonePe launched a Point-of-sale (POS) device allowing merchants to accept debit card, credit card and UPI payments.[80]

In August, PhonePe SmartSpeakers introduced voice payment notifications for customer payment validation. Additionally, PhonePe launched a collaboration with Indian actor Amitabh Bachchan to provide a celebrity voice option for payment validation on SmartSpeakers.[81]

In December 2023, PhonePe introduced a new Credit section on its platform. The section allows users features related to credit, including viewing credit bureau scores and managing credit cards and loans.[82]

2024

In February, PhonePe SmartSpeakers introduced a celebrity voice feature in partnership with Indian actors Mammootty, Kichcha Sudeep, and Mahesh Babu. This feature enables validation of customer payments in English and regional languages - Malayalam, Kannada, and Telugu - using the respective celebrity voices, catering to users in Kerala, Karnataka, Andhra Pradesh, and Telangana.[83]

PhonePe implemented cross-border UPI functionality with LankaPay on 15 May 2024.[84] In Sri Lanka, Indian PhonePe users can pay with UPI by scanning the LANKAQR code.[85]

Ownership and funding

In December 2020, Flipkart and PhonePe declared a partial split, with Walmart maintaining its majority ownership in PhonePe and the two entities now functioning independently.[62]

PhonePe announced the acquisition of $350 million from General Atlantic, a US growth equity firm, at a pre-money valuation of $12 billion.[86] Subsequently, another $100 million was attained in primary capital in February 2023 from Ribbit Capital, Tiger Global, and TVS Capital Funds, followed by $200 million in primary capital from Walmart, and another $100 million from General Atlantic at the same valuation. This brings the total amount of funding raised by PhonePe to $850 million.[87][88]

Licenses received

In April 2021, PhonePe Wealth Broking Private Limited, a subsidiary of PhonePe, registered with the Securities Exchange Board of India (SEBI) as a Stock Broker.[89]

In August 2021, PhonePe Insurance Broking Services Private Limited, a subsidiary of PhonePe, received an insurance broking license from Insurance Regulatory and Development Authority of India (IRDAI). This registration allows the company to distribute insurance products from all insurance companies in India.[90][91]

In March 2022, it  was also registered as a Bharat Bill Payment Operating Unit (BBPOU) with the Reserve Bank of India (RBI) under the Bharat Bill Payment Systems (BBPS).[92][93]

In January 2023, PhonePe Technology Services Private Limited, a subsidiary of PhonePe, obtained regulatory approval from the Reserve Bank of India (RBI) to operate as an Account Aggregator.[72]

In March 2023, PhonePe obtained an In-principle approval from the RBI to serve as a Payment Aggregator.[94]

Awards and recognition

  • In 2018: Won the UPI Digital Innovation Award from NPCI in 2018.[95]
  • India Advertising Awards 2018 in the Telecom and Technology category[96]
  • Fintech of the Year from BW Festival of Fintech Awards 2022[97]

On 14 January 2017, ICICI bank blocked PhonePe transactions, citing the reasons that it did not meet the NPCI guidelines.[98][99] Initially, on 19 January 2017, NPCI instructed ICICI to allow UPI transactions via PhonePe.[100] During this period, Airtel too blocked PhonePe transactions on its platforms.[101] A day later, on 20 January 2017, NPCI renounced the previous instructions citing the reason that PhonePe indeed violated the UPI norms.[102][103][104]

After this, PhonePe closed its operations on Flipkart's website,[105] to align itself with the terms stated in the updated verdict from NPCI. By February, 2017, PhonePe resolved the issues with ICICI and Airtel.[106][107]

ESOP

PhonePe allots employee stock options (ESOPs) to its full time employees.[108] In November 2021, PhonePe was reported to have conducted a buyback of ESOPs worth ₹1.35 billion (US$16 million), covering 75% of its current workforce who have completed at least a year of service.[109]

See also

References

  1. ^ "Contact Us". PhonePe, Pvt Ltd. 15 March 2015. Archived from the original on 3 May 2020. Retrieved 29 September 2019.
  2. ^ a b c "Tech in Asia - Connecting Asia's startup ecosystem". Tech in Asia. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  3. ^ "PhonePe revenue jumps 77% to Rs 2914 crore in FY23". Livemint.
  4. ^ "PhonePe crosses 500 million registered users, alters top deck". The Economic Times. 7 November 2023. Retrieved 14 November 2023.
  5. ^ "PhonePe Becomes Fastest Growing Distributor of Insurance Technology in India". Deccan News. 25 August 2020. Archived from the original on 14 January 2021. Retrieved 29 March 2021.
  6. ^ Singh, Abhinav (10 March 2020). "Why digital payment firms should not rely on single bank". The Week. Archived from the original on 29 November 2022. Retrieved 11 March 2023.
  7. ^ "Top ten Indian Fintech unicorns - ET BFSI". ETBFSI.com. Archived from the original on 31 March 2023. Retrieved 29 March 2023.
  8. ^ Chanchani, Madhav (4 April 2016). "Flipkart acquires former executive's startup PhonePe for payments push". The Economic Times. Archived from the original on 2 February 2023. Retrieved 11 March 2023.
  9. ^ Sen, Anirban (10 January 2017). "Flipkart's PhonePe crosses 10 million downloads on Google Play Store". Mint. Archived from the original on 27 November 2022. Retrieved 11 March 2023.
  10. ^ "5 digital payment platforms you can use during Coronavirus Lockdown". India Today. 20 April 2020. Archived from the original on 18 September 2020. Retrieved 19 July 2020.
  11. ^ "PhonePe launches silver investments; allows users to buy silver coins and bars". cnbctv18.com. 30 September 2021. Archived from the original on 6 February 2023. Retrieved 29 January 2022.
  12. ^ Dasgupta, Brinda (23 March 2018). "Payments platform PhonePe looks to double its team". The Times Of India. Archived from the original on 30 November 2022. Retrieved 11 March 2023.
  13. ^ "Flipkart : India's most preferred online shopping store". The Indian Wire. 3 July 2018. Archived from the original on 6 August 2020. Retrieved 14 February 2020.
  14. ^ Reporter, B. S. (2 April 2016). "Flipkart buys mobile payments company PhonePe for an undisclosed sum". Business Standard. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  15. ^ "Flipkart acquires former executive's startup PhonePe for payments push". The Economic Times. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  16. ^ "Sameer Nigam: Executive Profile & Biography - Bloomberg". Bloomberg L.P. Retrieved 12 May 2018.
  17. ^ "7 things you must know about the PhonePe app from Flipkart". Flipkart Stories. 2 January 2017. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  18. ^ "YES BANK and PhonePe have Partnered to Launch India's 1st UPI Based Mobile Payment App - Press Release". Yes Bank. Archived from the original on 6 July 2019. Retrieved 20 February 2017.
  19. ^ Pani, Priyanka (12 January 2018). "PhonePe adds 10 million users in 9 weeks". Business Line. Archived from the original on 28 November 2021. Retrieved 11 March 2023.
  20. ^ "Paytm vs Google Pay vs PhonePe: Who is winning?". Moneycontrol.com. 24 December 2019. Archived from the original on 26 September 2022. Retrieved 11 March 2023.
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  22. ^ a b c "Walmart-owned PhonePe to enable UPI activation on Aadhaar-based OTP". Business Standard. 9 November 2022. Archived from the original on 31 March 2023. Retrieved 29 March 2023.
  23. ^ "PhonePe reaches $1 trillion annualised payment value run rate; gets payment aggregator licence". The Hindu. 11 March 2023. ISSN 0971-751X. Retrieved 30 July 2023.
  24. ^ "UPI Ecosystem Statistics". www.npci.org.in. Retrieved 30 July 2023.
  25. ^ "Reserve Bank of India - Publications". rbi.org.in. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
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