PhonePe 2024 - Competitor Profile

PhonePe is one of the most widely adopted mobile wallets in India, with over 520 million users. The company was founded as a fintech startup in late 2015; by April 2016, PhonePe was operating as a subsidiary of ecommerce platform Flipkart. With heavy financial backing from Flipkart, the mobile wallet service flourished. In 2020, US retail giant Walmart (the owner of Flipkart) decided to spin off PhonePe to operate as a separate entity (a process that was completed in December 2022). This move was designed to help PhonePe access more capital from the market to stimulate further growth.

PhonePe offers online and in-store payments as well as P2P transfers, with its product offerings growing to include insurance and wealth products. PhonePe covers virtually all merchant categories, ranging from local grocery stores and street vendors to large retail brands such as Best Price and Pantaloons, in addition to online travel agencies such as EaseMyTrip.

PhonePe is now focusing on expanding its range of services. In February 2024, PhonePe introduced the Indus Appstore mobile app store to complete with the likes of Google Play Store. Indus Appstore enables consumers in India to access more than 200,000 mobile apps and games across 45 categories in 12 languages.

The report provides information and insights into PhonePe including :

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• The company's important events and milestones

Scope

1) In December 2015, PhonePe is founded.
2) In January 2020, Flipkart’s Pay Later credit option is made available via PhonePe.
3) In June 2021, PhonePe launches a new Wallet Auto Top-up feature using UPI e-mandates.
4) In June 2023, PhonePe introduces Account Aggregator services. This solution enables customers to share financial data including bank statements, insurance policies, and tax filings with regulated financial institutions. This enables customers to apply for loans, buy insurance, and access investment advice.
5) In February 2024, PhonePe introduces the Indus Appstore mobile app store to complete with the likes of Google Play Store. Indus Appstore enables consumers in India to access more than 200,000 mobile apps and games across 45 categories in 12 languages.

Reasons to Buy

• Gain insights into PhonePe business operations and key events.
• Gain insights into its product portfolio.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.