PhonePe

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PhonePe
Type of businessPrivate
Type of site
Digital payments & Financial services
Available inMultilingual (11)
Founded2015; 9 years ago (2015)
HeadquartersSalarpuria Softzone, Bengaluru, Karnataka,
India[1]
Area servedIndia
Founder(s)
IndustryFintech
RevenueIncrease ₹16.46 billion (US$206 million) (FY 2021–22)[3][4]
ParentWalmart
URLphonepe.com
CommercialYes
RegistrationRequired
Users500 million[5]
Current statusActive
Native client(s) onAndroid
iOS

PhonePe is an Indian digital payments and financial services company[6] headquartered in Bengaluru, Karnataka, India.[7] PhonePe was founded in December 2015,[2] by Sameer Nigam, Rahul Chari and Burzin Engineer.[8] The PhonePe app, based on the Unified Payments Interface (UPI), went live in August 2016.[9]

History

PhonePe was incorporated in December 2015.[10] In April 2016, the company was acquired by Flipkart[11] 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.[12]

Legal challenges

On 14 January 2017, ICICI bank blocked PhonePe transactions, citing the reasons that it did not meet the NPCI guidelines.[13] Initially, on 19 January 2017, NPCI instructed ICICI to allow UPI transactions via PhonePe.[14] During this period, Airtel too blocked PhonePe transactions on its platforms.[15] A day later, on 20 January 2017, NPCI renounced the previous instructions citing the reason that PhonePe indeed violated the UPI norms.[16]

After this, PhonePe closed its operations on Flipkart's website,[17] to align itself with the terms stated in the updated verdict from NPCI. By February, 2017, PhonePe resolved the issues with ICICI and Airtel.[18]

References

  1. ^ "Contact Us". PhonePe, Pvt Ltd. 15 March 2015. Archived from the original on 3 May 2020. Retrieved 29 September 2019.
  2. ^ a b "Tech in Asia - Connecting Asia's startup ecosystem". Tech in Asia. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  3. ^ "PhonePe records ₹1,646 cr revenue in FY22". www.thehindubusinessline.com. 18 October 2022. Archived from the original on 17 November 2022. Retrieved 15 June 2023.
  4. ^ Abrar, Peerzada (14 October 2021). "PhonePe's revenue grew 85% to Rs 690 cr in FY21, losses drop by 44%". Business Standard India. Archived from the original on 18 November 2021. Retrieved 18 November 2021.
  5. ^ "PhonePe crosses 500 million registered users, alters top deck". The Economic Times. 7 November 2023. Retrieved 14 November 2023.
  6. ^ "PhonePe Becomes Fastest Growing Distributor of Insurance Technology in India". Deccan News. 25 August 2020. Archived from the original on 14 January 2021. Retrieved 29 March 2021.
  7. ^ Singh, Abhinav (10 March 2020). "Why digital payment firms should not rely on single bank". The Week. Archived from the original on 29 November 2022. Retrieved 11 March 2023.
  8. ^ Chanchani, Madhav (4 April 2016). "Flipkart acquires former executive's startup PhonePe for payments push". The Economic Times. Archived from the original on 2 February 2023. Retrieved 11 March 2023.
  9. ^ Sen, Anirban (10 January 2017). "Flipkart's PhonePe crosses 10 million downloads on Google Play Store". Mint. Archived from the original on 27 November 2022. Retrieved 11 March 2023.
  10. ^ "Flipkart : India's most preferred online shopping store". The Indian Wire. 3 July 2018. Archived from the original on 6 August 2020. Retrieved 14 February 2020.
  11. ^ Reporter, B. S. (2 April 2016). "Flipkart buys mobile payments company PhonePe for an undisclosed sum". Business Standard. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  12. ^ "Sameer Nigam: Executive Profile & Biography - Bloomberg". Bloomberg L.P. Retrieved 12 May 2018.
  13. ^ Peermohamed, Alnoor (16 January 2017). "ICICI Bank blocks transactions through Flipkart wallet PhonePe". Business Standard. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  14. ^ "NPCI instructs ICICI to allow UPI transactions on PhonePe immediately". The Economic Times. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  15. ^ "After ICICI Bank, Airtel also blocks PhonePe - The Economic Times". The Economic Times. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  16. ^ IANS (21 January 2017). "PhonePe app in breach of UPI guidelines: NPCI". Business Standard. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  17. ^ Nair, Vishwanath (21 January 2017). "PhonePe stops all UPI-based payments on Flipkart website". Mint. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  18. ^ "ICICI Bank resumes UPI transactions on PhonePe - The Economic Times". The Economic Times. Archived from the original on 25 December 2018. Retrieved 20 February 2017.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=PhonePe&oldid=1224682728"