In 2016, we were acquired by Flipkart and we registered over 5 lakh users.This is only possible when you are in a multi-year hyper growth phase, achieving several industry-first milestones throughout. We as a company are just five years old and have more than 300 million users. In which year did PhonePe make considerable progress? Could you offer more details on what happened through that year?
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Today we have expanded “spend” to include a myriad of use cases - across utility bill payments, offline and online merchants, investments, insurance, digital gold and more.Ĥ. But in the first year our entire focus was to drive mass adoption by allowing our users to try out retail payments and online use cases such as recharge and bill payments. We knew that building offline acceptance would be a multi-year effort and are proud that we now have more than 20 million merchants across 11,000 cities, towns and talukas on boarded. ‘Spend Money' was all about enabling merchants payments using UPI, Debit Card, Credit Card and the PhonePe wallet. This was crucial as we realised very early on that failed transactions cause a lot of anxiety and impacts usage.
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Our platform and the UPI infrastructure were both new and there were a lot of learnings around how to ensure very high success rates by evolving our systems to get predictive about bank uptime and latencies. Send money was all about peer to peer money transfers using UPI. The focus in the first year was to build a very robust and scalable payments platform that powered use cases we classified as ‘Send Money' and ‘Spend Money'. How Ed-Tech Startup Cuemath Tripled Its Users in Two Years.What was it like in the first year of being in business? What are your key learnings from the early days? The BFSI industry has also come a long way in the last five years to not only acknowledge the potential of partnering with players like us but also to be a fantastic thought partner to bringing new products and experiences to market.ģ. In addition to this, partnering with the BFSI industry in the early days was not as simple as it is today for a young startup in the fintech space. Their belief in our vision has been the key to our success. I have been fortunate to have known and worked with some very smart people in my earlier stints, and who are now also part of this journey. The journey has been incredible to say the least, not just in terms of the growth in the number of users and transactions, but also in being able to see for ourselves the positive social impact that easy access to frictionless payments and financial services can have.īringing together the best minds in the industry across functions is always challenging in the early days.
We were convinced of our ability to provide users with speed and security at every transaction touchpoint while delivering the same at scale. We participated in a hackathon organised by iSpirt to develop apps on India Stack and pioneered the growth of UPI based payments as we foresaw its power and advantage over wallets prevalent at the time. With the imminent launch of UPI, we saw the opportunity to build on top of this amazing infrastructure to realise our vision. Through our Flipkart experience, we had seen that digital payments had a long way to go both from a reach and scale perspective. We started PhonePe with the strong belief that for India to transition to a digital economy, payments and money transfers must be solved holistically allowing each and every Indian to participate in the digital money space seamlessly.
Once the VPA is created, you can then send and receive payments. Also Read - Overseas UPI payments likely to be operational soon starting with Singapore, UAE Users will require these to generate a UPI PIN for authenticating the transactions. It will require users to enter their mobile number, debit card details and link a bank account number. A virtual payment address (VPA) with UPI handle will be created after the sign-up process is successful. Users will see a UPI option just below the search bar in MyJio app.
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