PhonePe sees over 150% growth in loan EMI repayments post lockdown

●       Enables the  repayment of loan EMIs from over 60 lenders on its app

●       Aims to expand the number of lenders to over 100 by the end of 2020

Bengaluru, July 01, 2020: PhonePe, India’s leading digital payments platform, today announced that it has seen over 150% growth in loan EMI repayments category on its platform since March 2020 led by Bajaj Finance. It currently has over 60 lenders integrated into its platform enabling its users to make easy and timely repayment of loans at the click of a button and at no extra charge. The platform has already tied up with some of the nation’s biggest private non-banking lenders such as Bajaj Finance, Home Credit, Muthoot, DMI Finance, HeroFinCorp, Tata Capital among others. It has thus become a comprehensive destination for all kinds of loan repayment needs of its 200+ million users.

The lenders include providers of microfinance, housing loans, consumer durable loans and short term liquidity loans among others. The loan EMI repayment category provides users with the convenience of making repayments at will or by setting up an auto-debit on a specified date.

Commenting on the development, Ankit Gaur, Head of Online Business, In-app Categories & Switch BD, PhonePe said, “We have enabled the easy discovery of lenders with instant access to large players like Home Credit, Bajaj Finance etc. We have kept the process user-friendly with just 4 steps to facilitate friction-free payments. We also don’t charge anything extra to our users for making the loan repayment using our platform. Besides, the loan providers find our platform attractive given our user base of 200+ million across the country and seamless technology integration at the backend. We are actively working to expand our lender base to over 100 by the end of this year to cater to a larger number of users across the country.”

Kurush Irani, President Credit Operations, Bajaj Finance said, “The sheer convenience and simplicity of usage for customers making loan repayments on PhonePe is amply evident by the velocity it has generated for us in the 3 months of going live in this space. Our partnership with PhonePe and BBPS ties up with our strategy of providing frictionless customer experience while making missed payments and augmenting digital collections.”

PhonePe users can pay their loan EMIs in a few seconds with just four simple steps on the app. This includes selecting the lender from the list, entering basic details such as loan account number, name of the borrower and mobile number before making the payment using UPI, debit card or PhonePe wallet.

About PhonePe:

PhonePe is India’s leading digital payments platform with over 200 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of digital gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched Mutual funds and Insurance financial products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 180 apps including Ola, Myntra, IRCTC, Goibibo, redBus, Oyo etc. directly from within the PhonePe mobile app. PhonePe is accepted at over 10 million merchant outlets across 400 cities nationally. For more details, please visit https://www.phonepe.com or download the PhonePe app.

PhonePe bans single-use plastics across all its Indian offices

Bangalore, November 19, 2019: PhonePe, India’s leading digital payments platform, today announced that it has banned the use of all single-use plastics across its 40+ offices in India. As a part of a national cleanup exercise conducted during the Diwali season, PhonePe removed all disposable plastic cups, plates and cutlery from all its office cafeterias. It has also replaced all plastic dustbin liners with fully biodegradable paper-based garbage bags. Over the next six months, PhonePe aims to replace any plastic-based marketing collateral with eco-friendlier alternatives which are both 100% reusable and 100% recyclable.

PhonePe’s ban on single-use plastics is inspired by the central government’s vision of making India single-use plastic free by 2022.

Speaking on the initiative Sameer Nigam, Founder and CEO PhonePe, said” Nowadays there are many other cost-affordable and environmentally-friendly materials available. It’s high time we adopted these new materials and shed our addiction to disposable plastics. In the next few months, PhonePe will be introducing a slew of other measures across our offices towards creating an eco-friendly and sustainable workspace for all our employees.”

About PhonePe:

Bengaluru-headquartered PhonePe is the fastest growing digital payments platform in India with over 150 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments and buy gold. PhonePe is accepted across 70 lakh merchant outlets nationally. PhonePe also launched its own Apps platform in 2018, and today its customers can place orders on Ola, Myntra, IRCTC, Goibibo, redBus, Oyo, and Treebo, etc directly from within the PhonePe Mobile App. For more details, please visit https://www.phonepe.com or download the PhonePe app.

PhonePe becomes the first non-banking app to launch IPO applications with UPI

National, September 17, 2019: PhonePe, India’s leading digital payments platform today announced that it now enables users to participate in IPOs using their BHIM UPI Id created on the PhonePe App. This makes PhonePe the first non-banking app to enable IPO applications through UPI.

With this launch, PhonePe users can participate in forthcoming IPO’s in 3 simple steps:

1. Put their UPI ID in the IPO form and submit it.

2. Approve the notification in the PhonePe app to block the amount for the IPO. On allotment of the shares, the money is automatically debited from this blocked amount.

3. Get the IPO application process completed in three days from the current six days.

Speaking on the launch, Hemant Gala, Head of Payments and Financial Services at PhonePe said,” PhonePe has been the pioneer of UPI adoption, and we have continued the leadership by becoming the first non-banking app to enable IPO application under the UPI 2.0 framework. PhonePe and NPCI are collaborating to drive retail participation of millions of users of PhonePe in capital markets through this initiative. Users on PhonePe will now be able to use their UPI ID created on PhonePe to apply for an IPO thereby making the complete application process simpler and faster. We look forward to working with NPCI and SEBI in promoting UPI for all the upcoming IPOs and driving more digital adoption.”

“We at NPCI are happy to collaborate with PhonePe and their banker to enable UPI based IPO application for their retail investors. The new process has made applying for IPO extremely convenient for retail investors by increasing efficiency, eliminating the need for manual intervention and logistics at various stages. We look forward to similar collaborations in the future, with a goal to make the process completely digitized,” added Praveena Rai, Chief Operating Officer, NPCI

About PhonePe:

Bengaluru-headquartered PhonePe is the fastest growing digital payments platform in India. With over 150 million users, the PhonePe app drives the highest number of merchant UPI transactions in India. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments and buy gold. PhonePe is accepted across 65 lakh merchant outlets nationally. For more details, please visit https://www.phonepe.com or download the PhonePe app.

About NPCI

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. An initiative of RBI and IBA under the provisions of the Payment and Settlement Systems Act, 2007, NPCI was initiated for creating a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC) and Bharat BillPay. NPCI also launched UPI 2.0 to offer a more secure and comprehensive services to consumers and merchants.

NPCI is focused on bringing innovations in the retail payment systems through use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

For more information, visit: https://www.npci.org.in/

PhonePe emerges as the largest player on merchant UPI transactions

Records 380+ Million overall transactions; with 90+ Million offline transactions

September 5, 2019, Bangalore: PhonePe, India’s fastest growing digital payments platform today announced that it has emerged as the market leader, driving the highest number of merchant UPI transactions in August. PhonePe app drove 380+ Million transactions in August, with 90+ Million Offline transactions. This phenomenal growth is driven by PhonePe’s acceptance as a payment option across 65 lac Kirana and retail stores across 210+ cities in India.

Speaking on the milestone, Vivek Locheb, Head of Offline Business Development said, “Our interoperable QR code makes it easy & affordable for MSMEs across India to accept digital payments at zero MDR rates for mass retail kirana shops. As India’s largest transaction platform, we will continue working to digitally connect Indian consumers to local shops and service providers.”

PhonePe was the first payment player to launch the interoperable QR code. Today, the PhonePe QR code is deployed across 65 lakh merchant outlets across India. This PhonePe innovation has made it extremely simple (and free) for the neighborhood Kirana store to accept digital payments. Rather than having multiple QR codes, merchants just need to display one single QR code at their store front to accept digital payments through any Unified Payment Interface (UPI)-enabled app such as PhonePe, Paytm, Google Pay, BHIM etc.

PhonePe takes a partnership model and works very closely with all its merchants. PhonePe is helping merchants grow their business by enabling them to tap into its massive consumer platform, thereby driving more footfalls for the merchants. PhonePe had also launched the “PhonePe for Business” app last year to provide faster settlement and reconciliation for its merchant partners. The app has been downloaded by more than 42 lakh merchants across India.

About PhonePe:

Bengaluru-headquartered PhonePe is the fastest growing digital payments platform in India. With over 150 million users, the PhonePe app drives the highest number of merchant UPI transactions in India. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments and buy gold. PhonePe is accepted across 65 lakh merchant outlets nationally. For more details, please visit https://www.phonepe.com or download the PhonePe app.

PhonePe and Tata Sky partner to offer auto-debit payments

~The industry first ‘AutoPay’ feature allows users to set up a one-time payment mandate~

Bengaluru, August 21 2019: PhonePe and Tata Sky have partnered to offer the ‘AutoPay’ feature to their users. This feature allows easy DTH recharges on Tata Sky for PhonePe consumers by facilitating automatic payments through a one-time mandate. The ‘AutoPay’ feature is an industry-first offering and creates a more convenient and seamless user experience

Once the ‘AutoPay’ feature is enabled, it ensures that a user’s TataSky account is automatically recharged three days before the due date every month. Consumers can also make modifications to the recharge amount or cancel the ‘AutoPay’ instruction at any time.

“At PhonePe, we are focused on building features that enhance the customer experience on our platform. The Auto-pay feature enables greater convenience and control to our users while making payments seamless. With AutoPay, Tata Sky subscribers are now able to enjoy uninterrupted viewing of their favourite programs without worrying about manually recharging their DTH every month.”- Said, Karthik Raghupathy, Vice President, Strategy and Business Development, PhonePe.

“AutoPay, a customer first initiative increases financing options, enables and empowers Tata Sky subscribers to do hassle free online recharge. We are pleased to partner with PhonePe for a service that will offer convenient access with enhanced flexibility, thereby making the payment process easy and simple to deal with.” added, Pallavi Puri, Chief Commercial Officer, Tata Sky

PhonePe is also offering new ‘AutoPay’ subscribers up to Rs.60 cashback, through 4 consecutive recharges – Flat Rs.10 cashback on the first and second recharge transaction, followed by a cashback of Rs.20 on the third and fourth transaction.

PhonePe users can set-up the ‘AutoPay’ feature for Tata Sky is a few simple steps:

About PhonePe:

Bengaluru-headquartered PhonePe is the fastest growing digital payments platform in India. With over 150 million users, the PhonePe app drives the highest number of merchant UPI transactions in India. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments and buy gold. PhonePe is accepted across 50 lakh merchant outlets nationally. PhonePe also launched its own Apps platform in 2018, and today its customers can place orders on Ola, Myntra, IRCTC, Goibibo, redBus, Oyo, and Treebo, etc. directly from within the PhonePe Mobile App. For more details, please visit https://www.phonepe.com or download the PhonePe app.

PhonePe clocks 335 Million transactions in July Hits USD $95 Billion Annual TPV Runrate

Bengaluru, August 2, 2019: PhonePe, announced today that it has achieved an annual TPV (Total payment volume) run-rate of $95 billion while clocking 335 Million transactions in July. PhonePe’s TPV run-rate has grown nearly 5X in the past year, since crossing the $20Bn mark in June 2018. This phenomenal growth has come on the back of the exponential expansion of PhonePe’s merchant network, both online and offline.

PhonePe has invested aggressively on its marketing activities this year and was the official co-presenting sponsor for the TV broadcast of VIVO IPL 2019 and the Official co-presenting sponsor for the TV broadcast of ICC World Cup 2019.

Sameer Nigam, CEO and Founder PhonePe said, "We are thrilled by the rapid adoption of PhonePe services across India. Last month alone, the PhonePe app was used by 60 million users. This means one out of every 15 Indian adults used the PhonePe app in July. This is both very exciting and very humbling for our company which launched less than 3 years ago.”   

About PhonePe:

Bengaluru-headquartered PhonePe is the fastest growing digital payments platform in India. With over 150 million users, the PhonePe app drives the highest number of merchant UPI transactions in India. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments and buy gold. PhonePe is accepted across 50 lakh merchant outlets nationally. PhonePe also launched its own Apps platform in 2018, and today its customers can place orders on Ola, Myntra, IRCTC, Goibibo, redBus, Oyo, and Treebo, etc. directly from within the PhonePe Mobile App. For more details, please visit https://www.phonepe.com or download the PhonePe app.