This makes PhonePe the first Indian company to surpass the likes of YouTube, Instagram, and WhatsApp to become the top-rated app…reports Asian Lite News
PhonePe on Tuesday announced that it has hit 6.4 million ratings on the Apple app store in India with an average rating of 4.7 stars.
This makes PhonePe the first Indian company to surpass the likes of YouTube, Instagram, and WhatsApp to become the top-rated app in volume of ratings on the iOS app store in the country. This phenomenal achievement comes on the back of superior user interface and experience (UX and UI), the highest transaction success rates, speed of transactions, and a strong preference for the PhonePe platform among millions of its users.
”We are thrilled to have crossed this exceptional rating on the App Store and are grateful that so many of our users love the PhonePe iOS App and continue to repose their trust in our services. We pride ourselves on being a tech-first platform and if there is one thing about PhonePe that resonates with all our 575+ million users, it is the simplicity and reliability of the app,” said Rahul Chari, Co-founder & CTO, PhonePe.
“We also continuously strive to ensure that our iOS and Android apps maintain feature parity, providing a seamless experience across both platforms. As part of this endeavour, we frequently upgrade to the latest technology stacks such as SwiftUI on iOS, ensuring our users benefit from the most latest technology available. This milestone also reflects our constant focus on innovation at scale and is made possible by the amazing talent at PhonePe,” he added.
PhonePe was the first non-banking UPI app to be launched in August 2016. In a short period, the company has established itself as the leader in the digital payments space and revolutionised payments, making financial inclusion possible for millions of Indians spread across 99 per cent of the postal codes in the country.
The company also recently released its first-ever annual report, providing a comprehensive overview of the company’s vision, strategy, governance, and financial performance while highlighting its commitment to delivering innovative financial solutions for over a billion Indians.
PhonePe announced that it has enabled UPI payment acceptance in collaboration with LankaPay….reports Asian Lite News
India’s fintech company PhonePe Unified Payments Interface (UPI) has been launched in Sri Lanka. Central Bank of Sri Lanka Governor Nandalal Weerasinghe and India’s High Commissioner to Sri Lanka Santosh Jha attended the launch event in Sri Lanka.
In a post on X, the Indian High Commission in Sri Lanka stated, “Unlocking new frontiers in fintech connectivity! @PhonePe UPI payments goes live in Sri Lanka with HC @santjha & @CBSL Governor Dr. Nandalal Weerasinghe gracing the launch event. Giving a boost to @UPI_NPCI services, the launch will further strengthen ease for tourists in Sri Lanka.”
On May 15, PhonePe announced that it has enabled UPI payment acceptance in collaboration with LankaPay. In a statement, PhonePe announced that its app users visiting Sri Lanka can now make payments using UPI across LankaPayQR merchants across the nation.
According to the statement, PhonePe users can simply scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions.
Earlier in February, India’s instant payment technology service, the Unified Payment Interface (UPI), was launched in Sri Lanka and Mauritius in a virtual event that was attended by Prime Minister Narendra Modi, his Mauritius counterpart Pravind Jugnauth and President of Sri Lanka Ranil Wickremesinghe.
India, which has emerged as a leader in fintech innovation and Digital Public Infrastructure placed a strong emphasis on sharing its development experiences and innovation with partner countries.
Addressing the occasion via video conferencing, PM Modi said it was an important event for three countries in the Indian Ocean region.
“Today is a special day for three friendly countries in the Indian Ocean region. Today we are connecting our historical relations in a modern digital way. This is proof of our commitment to the development of our people,” PM Modi said.
He said fintech connectivity will not only strengthen cross-border transactions but also cross-border connections.
“FinTech connectivity will not only boost cross-border transactions but also connections. India’s UPI (Unified Payment Interface) is now playing the role of ‘Uniting Partners with India’,” PM Modi said.He asserted that Digital Public Infrastructure such as UPI has brought about changes in the smallest of villages in India, as the technology is convenient and fast.In 2023, a record 100 billion transactions valued at Rs 2 trillion were made via UPI, PM Modi said.
“Digital Public Infrastructure has brought about a revolutionary change in India. Even the smallest businessman in our smallest village is making digital payments because it has convenience as well as speed,” he said.
UPI is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer. (ANI)
India Leads in Mobile Wallet Payments
India has emerged as the global leader in mobile wallet payments, with 90.8 per cent of its population using mobile wallets for transactions in 2023, according to GlobalData 2023 Financial Services Consumer Survey.
In April 2024, India’s Unified Payments Interface (UPI) showcased robust performance, with daily product statistics amounting to Rs 19.64 lakh crore. Continuing this trend, the first half of May 2024 has already seen significant transaction volumes, reaching Rs 10.70 lakh crore by May 15th.
This achievement underscores India’s rapid advancement in digital payment solutions, surpassing other nations in mobile wallet adoption.
The report suggests that the trend of increasing mobile wallet usage is also evident across the Asia-Pacific (APAC) region.
The COVID-19 pandemic played a significant role in accelerating the shift from cash to electronic payments, further boosting mobile wallet adoption.
Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, says the disruptive potential of mobile wallets is also impacting smaller countries like Hong Kong’s consumer payments space, predicting a gradual displacement of cash transactions.
Sharma stated, “Mobile wallet usage is all set to disrupt the consumer payments space in Hong Kong and gradually displace cash. Widespread QR code infrastructure, the availability of mobile-based instant payment systems, and rising consumer and merchant preference all contributed towards mobile wallet usage.”
A high percentage of adults have bank accounts and widespread smartphone usage provides a solid foundation for mobile wallet adoption.
The presence of both domestic and international mobile wallet brands, like Apple Pay, Google Pay, PhonePe, etc offers consumers a variety of choices. The increasing acceptance of mobile payments by merchants further encourages usage.
GlobalData’s 2023 Financial Services Consumer Survey, conducted in Q2 2023, surveyed approximately 50,000 respondents aged 18+ across 40 countries. (ANI)
With this limited-period offer from PhonePe Payment Gateway, businesses across India that join the platform can save up to Rs 8 lakh. …reports Asian Lite News
Leading fintech company PhonePe on Wednesday announced that its Payment Gateway enables small and medium businesses to save up to Rs 8,00,000.
While most payment gateways charge a standard transaction fee of 2 per cent, the PhonePe Payment Gateway has a special offer for new merchants to onboard for free, with no hidden charges, setup fees, or annual maintenance fees. For instance, if businesses with a monthly sales volume of Rs 1 crore choose the PhonePe Payment Gateway for free, they could potentially save around Rs 2 lakh per month.
With this limited-period offer from PhonePe Payment Gateway, businesses across India that join the platform can save up to Rs 8 lakh. This straightforward and transparent pricing helps merchants enhance their payment experience seamlessly, allowing them to invest the savings from onboarding costs into growing their businesses.
Talking about the true potential of PhonePe Payment Gateway, Suman Patra, Co-Founder, FlowerAura & Bakingo said: “As an e-commerce business, it is important to have a reliable payment gateway partner and we are happy to have PhonePe Payment Gateway as our growth partner because of their legacy and experience. PhonePe has helped us improve the customer experience, reduce drop-offs, and increase the overall success rate of payments. PhonePe’s smooth onboarding process and excellent merchant support have been key factors in our decision to continue working with them”.
PhonePe is already a market leader in UPI with over 50 per cent market share by value. The company’s ability to handle large-scale transactions and the strong consumer trust in the platform have translated into PhonePe launching its Payment Gateway business to provide the best-in-class payment experience to consumers and merchants alike.
The ease of use to enhance merchant experience which includes effortless integration, digital self-onboarding, and a seamless checkout experience for customers is making the PhonePe Payment Gateway a preferred choice among businesses and MSMEs across the country.
Nishchay AG, Co-Founder & CEO at Jar shares his experience of working with PhonePe Payment Gateway’s best-in-class payment experience: “When we started Jar, we were clear from day one that we wanted PhonePe as our payment partner because of its reach and responsiveness. PhonePe’s massive distribution network makes it a lot easier for us because users are already UPI-ready.
“The Payment Gateway team at PhonePe has been very collaborative throughout and has been working together to continuously improve the overall systems, which has resulted in higher success rates for us.”
Moreover, the company said that the PhonePe Payment Gateway is reliable and ensures 100 per cent uptime for merchants and comes with industry-best success rates. It proactively detects downtimes and ensures stable success rates of transactions with real-time instrument health-tracking capability.
The PhonePe Payment Gateway is also preferred by merchants as it comes with a hassle-free, no-code setup for effortless integration across all platforms. PhonePe helps its merchant partners and businesses to accept online payments across Android, iOS, mobile web, and desktop.
The PhonePe Payment Gateway is in compliance with RBI Laws to securely store customers’ tokenised cards in the PhonePe Card Vault after taking consumer consent.
The company has already enabled the acceptance of RuPay credit cards on UPI across 12 million merchant outlets in the country…reports Asian Lite News
Leading fintech company PhonePe has announced that the company has become the first digital payments app to successfully enable the linkage of two lakh RuPay credit cards to the Unified Payments Interface (UPI). It has also processed a Total Payment Value (TPV) of Rs 150 crore via RuPay Credit on UPI.
The company said it aims to offer a comprehensive suite of solutions for RuPay Credit on UPI in partnership with NPCI to popularise its usage among the customers and merchants alike.
The company has already enabled the acceptance of RuPay credit cards on UPI across 12 million merchant outlets in the country, achieving the highest merchant penetration in the ecosystem.
“We are thrilled to partner with the National Payments Corporation of India (NPCI) and become the first payments app to link two lakh RuPay credit cards to UPI. We believe that RuPay cards on UPI will revolutionise the access and use of credit in the ecosystem, and we are committed to offering comprehensive solutions that cater to the evolving needs of our customers and merchants,” said Sonika Chandra, Vice President, Consumer Platform and Payments, at PhonePe.
“Similar to any other credit instrument, MDR is applicable for RuPay on UPI and our merchant partners are enthusiastically adopting and driving the use of RuPay among the customers,” she added.
Moreover, PhonePe mentioned that the overall widespread acceptance of UPI has ensured that customers have ample opportunities to utilise their RuPay credit cards for transactions. On the consumer side, the company is driving the adoption through seamless and intuitive nudges on the PhonePe app.
These contextual communications are encouraging customers to adopt RuPay credit cards through UPI as their preferred payment option.
Moving forward, PhonePe will continue to collaborate closely with NPCI to scale the RuPay Credit penetration in the country through enhanced functionalities.
