Company:PhonePe

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Short description: Indian financial MR technology company


PhonePe
PhonePe Logo.svg
Type of businessPrivate
Type of site
Digital payments & Financial services
Available inMultilingual (11)[1]
Founded2015; 9 years ago (2015)
HeadquartersSalarpuria Softzone, Bengaluru, Karnataka,
India [2]
Area servedIndia
Founder(s)
IndustryInternet, E-commerce, Fintech, Financial services, Mutual funds, Insurance, Digital gold, Payment gateway, ONDC, Lending, Wealth Management
Services
RevenueIncrease ₹1646 crore (USD $206 million) (FY 2021-22)[4][5]
ParentWalmart
Websitephonepe.com
CommercialYes
RegistrationRequired
Users50 crore[6]
Current statusActive
Native client(s) onAndroid
iOS

PhonePe is an Indian digital payments and financial services company[7] headquartered in Bengaluru, Karnataka, India .[8][9] PhonePe was founded in December 2015,[3] by Sameer Nigam, Rahul Chari and Burzin Engineer.[10] The PhonePe app, based on the Unified Payments Interface (UPI), went live in August 2016.[11]

The PhonePe app is available in 11 Indian languages.[1] Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments, pay at shops, invest in tax saving funds, buy insurance, mutual funds, and digital gold.[12][13]

PhonePe is accepted as a payment option by over 3.6 crore[14][15][16][17] offline and online merchant outlets, constituting 99% of pin codes in the country.[18][19] The app served more than 10 crore users as of June 2018,[20] processed 500 crore transactions by December 2019,[21] and crossed 10 crore transactions a day in April 2022.[22] It currently has over 50 crore registered users with over 20 crore monthly active users.[6][23][24][16][25]

PhonePe is licensed by the Reserve Bank of India for the issuance and operation of a Semi Closed Prepaid Payment system.[26][27]

History

PhonePe was incorporated in December 2015.[28] In April 2016, the company was acquired by Flipkart[29][30] 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.[31]

In August 2016, the company partnered with Yes Bank to launch a UPI-based mobile payment app, based on the government-backed UPI platform.[3][32][33]

Within three months of launch, the app was downloaded by over one crore users.[34] In 2018, PhonePe became the fastest Indian payment app to get a five crore badge on the Google Play Store.[35] The PhonePe app overtook BHIM to become the market leader in UPI transactions in August 2017.[36]

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).[37] As per NPCI's UPI ecosystem statistics, PhonePe currently holds a 50% market share by value of transactions in the UPI market.[38][39]

In April 2023, PhonePe launched a new shopping app called ‘Pincode’, focused on hyperlocal e-commerce and built on top of the ONDC platform.[40][41]

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.

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.[42][43]

2018

PhonePe partnered with Freecharge in January 2018. This partnership enabled PhonePe users to link their existing Freecharge wallets to the PhonePe app.[44] PhonePe has also entered similar partnerships with Jio Money and Airtel Money.[45]

2019

PhonePe launched tax-saving funds to help customers minimise their tax burden by investing in equity-linked saving schemes.[46][47] In the same year, PhonePe also became the first payment app to allow customers to make bids for initial public offerings through the UPI platform.[48]

2020

In January, PhonePe became the first digital payment platform in India to launch international travel insurance.[49] PhonePe also launched Liquid Fund in association with Aditya Birla Mutual Fund to provide the combined benefits of a fixed deposit and a mutual fund.[50]

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.[51]

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.[52]

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.[53][54]

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.[55][56]

In September, PhonePe became one of the fastest-growing insurance tech distributors in the country with over 5 lakh insurance policies sold on its platform.[57] The company also expanded its Mutual Funds lineup in the same month by launching 7 new categories.[58][59]

In October, the company ventured into motor insurance with the launch of car and bike insurance policies.[60][61]

In November, PhonePe also became the largest platform for buying digital gold with a 35% market share.[62]

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.[63][64]

2021

In March, PhonePe became the first digital payments platform to cross 100 crore monthly transactions on UPI, clocking almost 130 crore transactions across all of its payment offerings, including third-party debit and credit cards and its own digital wallet.[65]

PhonePe also emerged as the leader in terms of transactions processed on Bharat Bill Payment System.[66] It reportedly registered over 10 lakh UPI-enabled AutoPay mandates since the launch of the AutoPay functionality feature.[67] It had also processed over 200 crore monthly transactions on its platform in October.[68]

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.[69]

In April 2022, PhonePe crossed 10 crore transactions a day.[22]

By September 2022, PhonePe had enabled the digitization of payments for 80 lakh merchants under RBI Payments Infrastructure Development Fund (PIDF) scheme.[70]

PhonePe also tokenized 1.4 crore (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.[71]

In September, PhonePe also announced the opening of its new 50,000 sq ft office in Pune.[72]

In November, PhonePe became the first UPI TPAP App to enable UPI activation with Aadhaar.[37]

2023

In January, PhonePe declared the completion of its domicile shift to India and the full separation from Flipkart.[73]

In February, PhonePe became the first fintech platform to enable cross-border UPI payments.[37]

In March, PhonePe hit an annualized TPV (Total payment value) run-rate of USD $1Trillion (Rs.84 Lac Crs).[74]

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.[75][40][41]

In May, PhonePe introduced the UPI LITE feature on its app, allowing users to initiate low value payments under Rs 200 on their app.[76][77]

In May, PhonePe also became the first digital payments app to enable the linkage of 2 lakh Rupay credit cards to the Unified Payments Interface (UPI), and processed a Total Payment Value (TPV) of Rs 150 crore through Rupay Credit on UPI.[78][79]

In June, PhonePe launched its Account Aggregator services, offered through its subsidiary PhonePe Technology Services Pvt Ltd (PTSPL).[80] 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.[81][82]

In June, PhonePe also launched its payment gateway to target a wider range of offline and online merchants, including small and medium businesses, enhancing their accessibility to digital payments.[83][84]

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, thereby facilitating their access to much-needed financing.[85][86][87]

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.[73]

PhonePe announced the acquisition of $350 million from General Atlantic, a US growth equity firm, at a pre-money valuation of $12 billion.[88] 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.[89][90]

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 and Depository Participant. It holds an ARN from the Association of Mutual Funds of India, enabling the distribution of Mutual Funds.[91]

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.[92][93]

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).[94][95]

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. The license allows the company to introduce a platform facilitating secure and consent-based exchange of financial data between users and providers of financial information.[81]

In March 2023, PhonePe obtained an In-principle approval from the RBI to serve as a Payment Aggregator.[96]

Awards and recognition

In 2018: Won the UPI Digital Innovation Award from NPCI in 2018.[97]

2019: Awarded the 'Best Digital Wallet' initiative at the 8th Annual Indian Retail & eRetail Awards 2019 organised by Zee Business and The Economic Times. [98]

2021: Won two awards at IAMAI India Digital Awards 2021 - Gold for Excellence in Wealth Management (for Mutual Funds category) and Silver for Unstoppable India video.[99]

2021: Won the ‘Excellence in Insurtech’ award at Assocham's Fintech & Digital Payments Awards 2021[100]

2022: PhonePe won ‘Fintech of the Year’ award at BW Festival of Fintech Awards 2022[101]

2023: PhonePe won ‘Best Product/Service Innovation - 'End-to-end digital journey for Motor insurance' at ET BFSI Excellence Awards 2022[102]

Legal challenges

On 14 January 2017, ICICI bank blocked PhonePe transactions, citing the reasons that it did not meet the NPCI guidelines.[103][104] Initially, on 19 January 2017, NPCI instructed ICICI to allow UPI transactions via PhonePe.[105] During this period, Airtel too blocked PhonePe transactions on its platforms.[106] A day later, on 20 January 2017, NPCI renounced the previous instructions citing the reason that PhonePe indeed violated the UPI norms.[107][108][109]

After this, PhonePe closed its operations on Flipkart's website,[110] to align itself with the terms stated in the updated verdict from NPCI. By February, 2017, PhonePe resolved the issues with ICICI and Airtel.[111][112]

ESOP

PhonePe allots employee stock options (ESOPs) to its full time employees.[113] In November 2021, PhonePe was reported to have conducted a buyback of ESOPs worth ₹135 crore, covering 75% of its current workforce who have completed at least a year of service.[114]

See also

References

  1. ↑ 1.0 1.1 "5 digital payment platforms you can use during Coronavirus Lockdown" (in en). 20 April 2020. https://www.indiatoday.in/information/story/5-digital-payment-platforms-you-can-use-to-make-payment-during-coronavirus-lockdown-1668921-2020-04-20. 
  2. ↑ "Contact Us". PhonePe, Pvt Ltd. 2015-03-15. https://www.phonepe.com/en/contact_us.html. 
  3. ↑ 3.0 3.1 3.2 "Tech in Asia - Connecting Asia's startup ecosystem" (in en-US). https://www.techinasia.com/phone-pe-has-big-goals. 
  4. ↑ "PhonePe records ₹1,646 cr revenue in FY22" (in en). www.thehindubusinessline.com. 18 October 2022. https://www.thehindubusinessline.com/companies/phonepe-records-1646-cr-revenue-in-fy22/article66027296.ece. 
  5. ↑ Abrar, Peerzada (14 October 2021). "PhonePe's revenue grew 85% to Rs 690 cr in FY21, losses drop by 44%". Business Standard India. https://www.business-standard.com/article/companies/phonepe-s-revenue-grew-85-to-rs-690-cr-in-fy21-losses-drop-by-44-121101401407_1.html. 
  6. ↑ 6.0 6.1 "PhonePe crosses 500 million registered users, alters top deck". 7 Nov 2023. https://economictimes.indiatimes.com/tech/startups/phonepe-crosses-500-million-registered-users-alters-top-deck/articleshow/105042384.cms. 
  7. ↑ "PhonePe Becomes Fastest Growing Distributor of Insurance Technology in India" (in en-US). 2020-08-25. https://deccan.news/phonepe-becomes-fastest-growing-distributor-of-insurance-technology-in-india/. 
  8. ↑ Singh, Abhinav (10 March 2020). "Why digital payment firms should not rely on single bank" (in en). The Week. https://www.theweek.in/news/biz-tech/2020/03/10/why-digital-payment-firms-should-not-rely-on-single-bank.html. 
  9. ↑ "Top ten Indian Fintech unicorns - ET BFSI" (in en). https://bfsi.economictimes.indiatimes.com/news/fintech/top-ten-indian-fintech-unicorns/83838113. 
  10. ↑ Chanchani, Madhav (4 April 2016). "Flipkart acquires former executive's startup PhonePe for payments push". The Economic Times. https://economictimes.indiatimes.com/small-biz/startups/flipkart-acquires-former-executives-startup-phonepe-for-payments-push/articleshow/51643300.cms. 
  11. ↑ Sen, Anirban (January 10, 2017). "Flipkart's PhonePe crosses 10 million downloads on Google Play Store". Mint. https://www.livemint.com/Companies/UYnMwPyHD8KKZZUJpb7uMP/Flipkarts-PhonePe-crosses-10-million-downloads-on-Google-Pl.html. 
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  19. ↑ "PhonePe's offline merchant base crosses 5-million mark". June 21, 2019. https://www.financialexpress.com/industry/phonepes-offline-merchant-base-crosses-5-million-mark/1613973/. 
  20. ↑ "PhonePe crosses 100 million users". June 2, 2018. https://www.thehindu.com/business/Industry/phonepe-crosses-100-million-users/article24068402.ece. 
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  26. ↑ "Reserve Bank of India - Publications". https://rbi.org.in/scripts/publicationsview.aspx?id=12043. 
  27. ↑ "Terms of user | PhonePe". https://www.phonepe.com/en/terms.html. 
  28. ↑ "Flipkart : India's most preferred online shopping store". 3 July 2018. https://www.theindianwire.com/startups/flipkart-62283/. 
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  31. ↑ "Sameer Nigam: Executive Profile & Biography - Bloomberg". https://www.bloomberg.com/research/stocks/private/person.asp?personId=142810855&privcapId=78829188. 
  32. ↑ "7 things you must know about the PhonePe app from Flipkart" (in en-US). Flipkart Stories. 2017-01-02. http://stories.flipkart.com/phonepe-app-flipkart/. 
  33. ↑ "YES BANK and PhonePe have Partnered to Launch India's 1st UPI Based Mobile Payment App - Press Release". https://www.yesbank.in/media/press-releases/fy-2016-17/say-goodbye-to-cash-phonepe-yes-bank-launch-indias-first-upi-based-payments-app. 
  34. ↑ Pani, Priyanka (12 January 2018). "PhonePe adds 10 million users in 9 weeks" (in en). Business Line. https://www.thehindubusinessline.com/info-tech/phonepe-adds-10-million-users-in-9-weeks/article9471473.ece. 
  35. ↑ "Paytm vs Google Pay vs PhonePe: Who is winning?". Moneycontrol.com. 24 December 2019. https://www.moneycontrol.com/news/technology/paytm-vs-google-pay-vs-phonepe-who-is-winning-4760421.html. 
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  37. ↑ 37.0 37.1 37.2 "Walmart-owned PhonePe to enable UPI activation on Aadhaar-based OTP" (in en-US). 2022-11-09. https://www.business-standard.com/article/companies/walmart-owned-phonepe-to-enable-upi-activation-on-aadhaa-based-otp-122110901215_1.html. 
  38. ↑ "PhonePe reaches $1 trillion annualised payment value run rate; gets payment aggregator licence" (in en-IN). The Hindu. 2023-03-11. ISSN 0971-751X. https://www.thehindu.com/business/Industry/phonepe-reaches-1-trillion-annualised-payment-value-run-rate-gets-payment-aggregator-licence/article66606671.ece. 
  39. ↑ "UPI Ecosystem Statistics". https://www.npci.org.in/what-we-do/upi/upi-ecosystem-statistics?TSPD_101_R0=08f002952bab2000569d322770f9ed12bb6f0f3e659864113652b2943edef3685f0e131afca19a1e0888f928b81430004619858e7ad3c72d5d48aa725a13810c1252106db56a17c87a4b2fac69c0dfdd5f13864ad005745f55ca4b135b1e0dbe. 
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  45. ↑ "PhonePe adopts FMCG approach for tie-ups with local merchants". February 19, 2018. https://www.thehindubusinessline.com/news/phonepe-adopts-fmcg-approach-for-tie-ups-with-local-merchants/article22800373.ece. 
  46. ↑ Manikandan, Ashwin (9 January 2020). "PhonePe allows to invest in liquid mutual funds". The Economic Times. https://economictimes.indiatimes.com/mf/mf-news/walmart-owned-phonepe-expands-its-financial-services-palette/articleshow/73161108.cms?from=mdr. 
  47. ↑ "Want to save addl income tax? This new app will save you whopping Rs 46,800". Zee Business. 28 March 2019. 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.. 
  48. ↑ Manikandan, Ashwin (17 September 2019). "Flipkart-owned PhonePe first non-bank to enable UPI-based IPO bidding". The Economic Times. 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.. 
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  50. ↑ Singh, Shipra (8 January 2020). "PhonePe Launches Liquid Fund. Should You Invest?" (in en). Entrepreneur. https://www.entrepreneur.com/article/344676#:~:text=Digital%20payments%20company%20PhonePe%20on,into%20a%20liquid%20mutual%20fund.. 
  51. ↑ "PhonePe introduces chat feature on app to ease digital transactions via texts" (in en). Mint. 3 February 2020. https://www.livemint.com/technology/apps/phonepe-introduces-chat-feature-on-app-to-ease-digital-transactions-via-texts-11580717509591.html. 
  52. ↑ Abrar, Peerzada (4 May 2020). "PhonePe launches Super Funds to help users in long-term wealth creation". Business Standard. https://www.business-standard.com/article/companies/phonepe-launches-super-funds-to-help-users-in-long-term-wealth-creation-120050401138_1.html. 
  53. ↑ Malik, Yuvraj (19 September 2019). "PhonePe's super-app platform 'Switch', a one stop solution for customers". https://www.business-standard.com/article/companies/phonepe-s-super-app-platform-switch-a-one-stop-solution-for-customers-119091901357_1.html. 
  54. ↑ Banerjee, Prasid (22 Jan 2020). "PhonePe now allows customers to withdraw cash using UPI". Mint. livemint. https://www.livemint.com/companies/news/phonepe-now-allows-customers-to-withdraw-cash-using-upi-11579695985662.html. 
  55. ↑ Sheth, Hemani (23 July 2020). "PhonePe, ICICI Lombard team up to offer Hospital Cash cover" (in en). https://www.thehindubusinessline.com/money-and-banking/phonepe-icici-lombard-team-up-to-offer-hospital-cash-cover/article32170754.ece. 
  56. ↑ "PhonePe, ICICI Lombard General Insurance Launch Health Scheme: All You Need To Know". 27 July 2020. https://www.moneycontrol.com/news/business/personal-finance/phonepe-icici-lombard-general-insurance-launch-health-scheme-all-you-need-to-know-5602271.html. 
  57. ↑ Ahaskar, Abhijit (2020-09-30). "PhonePe sells 5 lakh insurance plans in five months" (in en). https://www.livemint.com/news/india/phonepe-sells-5-lakh-insurance-plans-in-five-months-11601457150584.html. 
  58. ↑ "PhonePe Now Has More Mutual Fund Investment Options; Minimum Investments From Rs 100" (in en). 2020-09-28. https://www.news18.com/news/tech/phonepe-now-has-more-mutual-fund-investment-options-minimum-investments-from-rs-100-2915021.html. 
  59. ↑ Singh, Shipra (2020-09-29). "PhonePe Expands its Mutual Funds Offering by Adding 7 New Categories" (in en). https://www.entrepreneur.com/article/356854. 
  60. ↑ "PhonePe in insurance with Bajaj Allianz". The Economic Times. https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/phonepe-in-insurance-with-bajaj-allianz/articleshow/73572537.cms?from=mdr. 
  61. ↑ "After travel and Covid, now buy car and bike insurance on Walmart's PhonePe with these benefits" (in en-US). 2020-10-14. https://www.financialexpress.com/industry/sme/after-travel-and-covid-now-buy-car-and-bike-insurance-on-walmarts-phonepe-with-these-benefits/2104768/. 
  62. ↑ Abrar, Peerzada (2020-11-18). "PhonePe becomes largest platform for buying digital gold with 35% mkt share". Business Standard India. 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.. 
  63. ↑ Singh, Shipra (2020-12-03). "Flipkart Splits PhonePe In a Separate Unit, Latter to Raise $700 Mn at $5.5 Bn Valuation" (in en). https://www.entrepreneur.com/article/360870. 
  64. ↑ "Flipkart partially spins off PhonePe in $700 million fundraising round". Business Standard India. Press Trust of India. 2020-12-03. https://www.business-standard.com/article/pti-stories/flipkart-partially-spins-off-phonepe-in-usd-700-mn-fundraising-round-120120300517_1.html. 
  65. ↑ Srivastava, Moulishree (2021-05-13). "How Walmart-owned PhonePe beat Google Pay and became the first app to cross 1 billion UPI transactions" (in en). https://kr-asia.com/how-walmart-owned-phonepe-beat-google-pay-and-became-the-first-app-to-cross-one-billion-upi-transactions. 
  66. ↑ Iyer, Priyanka (23 September 2021). "After UPI, PhonePe Dominates Bharat Bill Pay With 49% Volume Share In August" (in en). https://www.moneycontrol.com/news/companies-2/after-upi-phonepe-dominates-bharat-bill-pay-with-49-volume-share-in-august-7499251.html. 
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  69. ↑ "Walmart-Backed PhonePe Buys Indian Wealth Management Firms". Bloomberg. 17 May 2022. https://www.bloomberg.com/news/articles/2022-05-17/phonepe-to-buy-wealth-management-firms-for-75-million. Retrieved 19 May 2022. 
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  72. ↑ "PhonePe Opens Its New 50 000 sq ft Office In Pune" (in en). http://bwdisrupt.businessworld.in/article/PhonePe-Opens-Its-New-50-000-sq-ft-Office-In-Pune-/27-09-2022-448295. 
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  74. ↑ "PhonePe hits $1-trillion in annualised total payment value run rate" (in en). 2023-03-11. https://www.thehindubusinessline.com/money-and-banking/phonepe-hits-1-trillion-in-annualised-total-payment-value-run-rate/article66606910.ece. 
  75. ↑ Hebbalalu, Varunvyas (2023-04-04). "India's PhonePe launches e-commerce app on government's open network" (in en). Reuters. https://www.reuters.com/technology/indias-phonepe-launches-e-commerce-app-governments-open-network-2023-04-04/. 
  76. ↑ "After Paytm, PhonePe goes live with UPI Lite: All you need to know". The Times of India. 2023-05-03. ISSN 0971-8257. https://timesofindia.indiatimes.com/gadgets-news/after-paytm-phonepe-goes-live-with-upi-lite-all-you-need-to-know/articleshow/99964853.cms. 
  77. ↑ "PhonePe goes live with UPI Lite". The Economic Times. 2023-05-03. ISSN 0013-0389. https://economictimes.indiatimes.com/tech/technology/phonepe-goes-live-with-upi-lite/articleshow/99954412.cms?from=mdr. 
  78. ↑ "PhonePe becomes first payment app to link two lakh Rupay credit cards to UPI" (in en). 2023-05-25. https://www.cnbctv18.com/personal-finance/phonepe-becomes-first-payment-app-to-link-two-lakh-rupay-credit-cards-to-upi-16767201.htm. 
  79. ↑ Abrar, Peerzada. "PhonePe links 2 lakh Rupay credit cards to UPI, says it is first to do it". Business Standard. 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. 
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  82. ↑ "PhonePe launches account aggregator service, allowing app users to share financial data" (in en). 2023-06-07. https://www.financialexpress.com/industry/phonepe-launches-account-aggregator-service/3116067/. 
  83. ↑ "PhonePe Launches In-App Payment Gateway to Assist MSMEs in India" (in en). 2023-06-16. https://www.thehindubusinessline.com/money-and-banking/phonepe-launches-its-own-payment-solution-for-msmes/article66975524.ece. 
  84. ↑ "PhonePe launches payment gateway with zero setup, annual maintenance fee for MSME merchants" (in en). 2023-06-14. https://www.financialexpress.com/industry/sme/msme-eodb-phonepe-launches-payment-gateway-with-zero-setup-annual-maintenance-fee-for-msme-merchants/3125984/. 
  85. ↑ Bhakta, Pratik (2023-06-23). "PhonePe taps merchants in big lending push". The Economic Times. ISSN 0013-0389. https://economictimes.indiatimes.com/tech/startups/phonepe-taps-merchants-in-big-lending-push/articleshow/101219604.cms?from=mdr. 
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  87. ↑ "Walmart-backed PhonePe launches merchant lending services" (in en). 2023-06-23. https://www.moneycontrol.com/news/business/announcements/walmart-backed-phonepe-launches-merchant-lending-services-10848151.html. 
  88. ↑ Rawat, Aman (2023-01-19). "PhonePe raises $350 mn from General Atlantic at $12 bn valuation" (in en). https://www.livemint.com/companies/start-ups/phonepe-raises-350-mn-from-general-atlantic-at-12-bn-valuation-11674108233101.html. 
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  90. ↑ "PhonePe gets another $100 million from General Atlantic; total funding rises to $850 million". The Economic Times. 2023-05-23. ISSN 0013-0389. https://economictimes.indiatimes.com/tech/funding/phonepe-raises-additional-100-million-from-general-atlantic/articleshow/100413143.cms?from=mdr. 
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  92. ↑ "PhonePe receives insurance broking licence" (in en). 2021-08-31. https://www.thehindubusinessline.com/money-and-banking/phonepe-receives-insurance-broking-licence/article36196652.ece. 
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