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Bengaluru-based PhonePe has partnered with LankaPay to enable UPI payments for its users traveling to Sri Lanka. PhonePe users can make payments by scanning LankaQR codes at merchants, with transactions facilitated by UPI and LankaPay

PhonePe UPI payments launched in Sri Lanka in partnership with Lanka Pay

<h2>Bengaluru-based PhonePe has partnered with LankaPay to enable UPI payments for its users traveling to Sri Lanka. PhonePe users can make payments by scanning LankaQR codes at merchants, with transactions facilitated by UPI and LankaPay</h2>

In a move that could spur Indian tourism in Sri Lanka, Bengaluru based PhonePe has launched PhonePe UPI payments in partnership with LankaPay.&nbsp;
<h3>PhonePe in Sri Lanka</h3>
PhonePe at an event to mark the colloboration, said that its app users travelling to Sri Lanka can make payments using UPI (Unified Payments Interface) across LankaPay QR merchants. The transactions will be facilitated by the UPI and LankaPay National Payment Network. Users can scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions. The amount will be debited in Indian currency, showing the currency exchange rate.
&nbsp;India's high commissioner to Sri Lanka, Santosh Jha, and the governor of the Central Bank of Sri Lanka, P. Nandalal Weerasinghe, along with banking sector executives, payments system providers and business associations were present at the launch event.
While urging Sri Lankan firms to engage with Indian companies to build on the UPI stack for innovations in hotel bookings, cab bookings and delivery services, Santosh Jha also said that the ease of a familiar digital payments system would encourage tourism from India.
On February 12, Prime Minister Narendra Modi along with Sri Lanka &nbsp;President Ranil Wickremesinghe inaugurated the launch of UPI services in Sri Lanka, in collaboration with LankaPay.
Also watch: <a href="https://www.editorji.com/business-news/icici-bank-unveils-upi-payments-for-nri-customers-with-international-numbers-1715063197213">ICICI bank unveils UPI payments for NRI customers with international numbers</a>

Owing to the Paytm crisis, PhonePe has seen a 15-20% increase in the user base over the last few days and has started preparing its systems to handle additional capacity

PhonePe gains big from the Paytm crisis; user base climbs 15-20%

<h2>Owing to the Paytm crisis, PhonePe has seen a 15-20% increase in the user base over the last few days and has started preparing its systems to handle additional capacity</h2>

Paytm crisis:&nbsp;The ongoing crisis in Paytm and panic among consumers about the fate of Paytm Payment Bank-issued UPI accounts has turned out beneficial for its rival PhonePe. The Walmart-owned fintech company has seen an at least 15-20% increase in its user base over the last few days.
As per The Economic Times, the user growth through app installs and transactions is likely to pick up more.
&ldquo;This surge has happened on user numbers, but the company is (also) seeing faster growth on the merchant side. Closer to the February 29 deadline that the Reserve Bank of India has set for Paytm Payments Bank to halt its services, the user growth through app installs and transactions is likely to pick up more,&rdquo; a person with the knowledge of the matter told The Economic Times.
<h3>PhonePe buckles up</h3>
The Economic Times also reported that PhonePe has already started preparing its systems on the backend to handle the additional capacity.&nbsp;
&ldquo;User additions and transaction volumes are only expected to grow further in the coming days and weeks, especially given the lack of clarity around Paytm&rsquo;s business,&rdquo; the second person said. &ldquo;So far, the growth witnessed is mostly organic&hellip;but PhonePe is also looking to pull customers as well as merchants in through campaigns,&rdquo; the person told The Economic Times.
Also Read: <a href="https://www.editorji.com/business-news/markets/jio-financial-services-dismisses-talks-to-acquire-paytm-s-wallet-business-1707191552605">Jio Financial Services dismisses talks to acquire Paytm's wallet business</a>
As on December 31, Paytm had around 39.3 million merchants on its platform, which had facilitated 11.85 billion transactions valued at Rs 999 crore during the October-December period.
Meanwhile, PhonePe has an UPI transaction volume of 46% share in the October-December period. The Economic Times report noted that the crisis faced by Paytm may aid in PhonePe's market share to grow as users migrate from Paytm to PhonePe.

Walmart backed Phonepe has launched Share.Market - a market platform with stocks and ETFs and will gradually add future and options with other segments

PhonePe forays into stock trading segment with Share.Market platform

Walmart backed Phonepe has launched Share.Market - a market platform with stocks and ETFs and will gradually add future and options with other segments

Decacorn fintech firm PhonePe on Wednesday announced foraying into the stock broking segment with the launch of a market platform.
Ujjwal Jain will be the Chief Executive Officer of the new platform -- Share.Market.
With the foray into the stock broking segment, the company has completed its financial services portfolio, PhonePe Founder and CEO Sameer Nigam said.
"We have got Share.Market as a brand," he said.
The Walmart group firm PhonePe has started 'Share.Market' with stocks and ETFs. It will gradually add future and options as well as other segments.
The brand was unveiled by BSE Managing Director and CEO Sundararaman Ramamurthy.
At present, the company provides payments, e-commerce, banking and insurance services.
"We are providing merchant credit and soon we will start consumer credit as well," Nigam said.
Jain said there is vibrant growth in the active trading community.
"We believe Share.Market will propel this growth with the backing of our technological prowess, reach, seamless onboarding, and superior product experience. Our goal is to offer the benefits of discount broking while creating lasting value for our customers as they invest and trade," Jain said.

PhonePe introduces 'Income Tax Payment' feature on its app, allowing taxpayers to pay self-assessment and advance tax using UPI or credit cards. Users get an interest-free period and reward points

PhonePe launches tax payment feature for users

PhonePe introduces 'Income Tax Payment' feature on its app, allowing taxpayers to pay self-assessment and advance tax using UPI or credit cards. Users get an interest-free period and reward points

In a move to simplify tax payments, PhonePe has unveiled its latest feature, 'Income Tax Payment,' on its app. This new addition enables taxpayers to conveniently pay their self-assessment and advance taxes directly from the app using UPI or credit card payments.
PhonePe's partnership with PayMate, a B2B payments and service provider, has made this innovative feature possible. According to Niharika Saigal, Head of Bill Payments and Recharge Business at PhonePe, this addition aims to make tax payment hassle-free and secure for users. The company believes that this feature will transform the way users fulfill their tax obligations, simplifying and streamlining the process.
One of the benefits for users is a 45-day interest-free period on their tax payments, making it easier for them to manage their finances. Additionally, users may also earn reward points based on their bank's terms and conditions, further incentivizing tax payments through the app.
After completing the tax payment process, taxpayers will receive a Unique Transaction Reference (UTR) number as an acknowledgement within one working day. Furthermore, the challan for the tax payment will be made available within two working days.
With this new feature, PhonePe aims to provide a seamless and user-friendly experience for taxpayers, making it more convenient to meet their tax obligations while also enjoying the benefits of an easy and rewarding payment process.

The Pincode app was originally made available in Bengaluru, with plans to launch in major cities once it reaches a transaction volume of about 10,000 per day

PhonePe's ONDC app Pincode expands to nine other cities

The Pincode app was originally made available in Bengaluru, with plans to launch in major cities once it reaches a transaction volume of about 10,000 per day

PhonePe's dedicated ONDC app, Pincode, has expanded its operations to a total of ten cities, after its successful launch in Bengaluru. The firm announced on July 4.
Even though Pincode's initial plans, which were announced three months ago, included the 10-city expansion, the business had previously claimed that it would not enter any new regions in its first year. Increasing efficiency was the goal rather than merely expanding in size.
Pincode entered important cities like Mumbai, Delhi, Noida, Gurugram, Chennai, and Hyderabad with that objective in mind. It stated that services would also be offered in Ahmedabad, Pune, and Kolkata.
&ldquo;The initial response and rapid consumer adoption of Pincode has given us the confidence to expand our services. Pincode is committed to growing the ecosystem, and we will continue expanding our category offerings and scaling our presence nationwide," Lalit Singh, General Manager, Pincode, said.
&ldquo;In the coming months, we have ambitious plans for expansion into more cities,&rdquo; he added.&nbsp;
What is ONDC?
It is a government-backed programme called the Open Network for Digital Commerce (ONDC) that aims to democratise e-commerce by converting it from a platform-centric paradigm to an open network for buying and selling products and services.
With ONDC, a customer registered on one e-commerce platform can buy products from a vendor on a different platform that is a participant.
All currently available digital commerce applications and platforms have the option to voluntarily embrace and join the ONDC network. ONDC is neither an aggregator application nor a hosting platform.
The responsibility of integrating e-commerce platforms through a network based on open-source technology akin to the Unified Payments Interface (UPI) has been given to the Quality Council of India.

PhonePe has raised a total $ 550 million from General Atlantic and co-investors as part of its ongoing $ 1 billion fund raising plan 

PhonePe raises $100 million funding from General Atlantic

PhonePe has raised a total $ 550 million from General Atlantic and co-investors as part of its ongoing $ 1 billion fund raising plan&nbsp;

Fintech company PhonePe has raised another $100 million from General Atlantic and its co-investors in a new tranche. This is a part of the ongoing $ 1 billion fund raising round at a valuation of $12 billion. In total, PhonePe has raised $ 850 million of primary capital.
This latest tranche has brought the investment from General Atlantic and its co-investors to $550 million. The company has raised $200 million from Walmart which is its largest shareholder. Tiger Global Management, Ribbit Capital and TVS Capital have invested $100 million in total.
PhonePe had announced in January that the company would raise $1 billion in tranches at a valuation of $12 billion. This comes after the company separated fully from Flipkart. At a valuation of $12 billion, PhonePe is India's most valuable fintech, competing with Google Pay and Paytm.&nbsp;
As per Moneycontrol, the company, in its previous statements, has said that it plans to deploy these funds to scale up its payments and insurance businesses in India, as well as to launch and aggressively scale new businesses like lending, stockbroking, ONDC (open network for digital commerce)-based shopping, and account aggregators over the next few years.&nbsp;
&nbsp;

The UPI LITE Feature on PhonePe provides quicker, more efficient transactions for small amounts of up to Rs 200

UPI LITE launched by PhonePe to support low-value transactions

The UPI LITE Feature on PhonePe provides quicker, more efficient transactions for small amounts of up to Rs 200

PhonePe announced on Wednesday that the UPI LITE function, which enables users to start small payments under ₹200, is now live on its app.
In UPI LITE accounts, the feature can be accessed with a single tap without requiring a PIN or passkey.
The on-device UPI LITE balance is debited to complete the transaction directly, without contacting the remitter bank's main banking systems or those of the customer banks. This increases the likelihood that the transaction will succeed while also making it more frictionless and faster than typical UPI transactions.
Users can easily register a UPI LITE account and quickly activate the capability on their PhonePe app without the need for KYC authentication.
A user's LITE account can hold up to ₹2000, and transactions of ₹200 or less can be made at once. Every day, users will receive an SMS with a history of the UPI LITE transactions made from their bank accounts. Since the transactions would only be visible in LITE accounts, this will help keep bank statements and passbooks clear.

In its continuous raise, the digital payments company has amassed a total of $750 million. As part of the raise, General Atlantic and its associate funds contributed a combined $450 million

PhonePe gets additional USD 100 million fund from General Atlantic

In its continuous raise, the digital payments company has amassed a total of $750 million. As part of the raise, General Atlantic and its associate funds contributed a combined $450 million

Decacorn fintech firm PhonePe has received an additional $100 million from General Atlantic during its ongoing fundraise round of $1 billion at a pre-money valuation of $12 billion, the company said on Wednesday.
With this fresh funding, the Walmart group backed firm has raised $750 million till date.
"PhonePe confirms a $100 million additional tranche of investment from General Atlantic, a leading global growth equity firm, and its co-investors as part of our ongoing fundraise. General Atlantic initially invested $350 million in PhonePe in January 2023," PhonePe said in a statement.
PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators.
The fundraise will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI.
Recently the company also announced its foray into hyperlocal e-commerce through new platform Pincode

The Pincode app will be originally made available in Bangalore, according to Sameer Nigam, the founder and CEO of PhonePe, and it will then be made available in additional cities once it reaches a transaction volume of about 10,000 per day

PhonePe forays into local commerce with Pincode app on ONDC network

The Pincode app will be originally made available in Bengalruru, according to Sameer Nigam, the founder and CEO of PhonePe, and it will then be made available in additional cities once it reaches a transaction volume of about 10,000 per day

Walmart-backed PhonePe has announced its foray into local ecommerce with the launch of its consumer app Pincode, built on the government's Open Network for Digital Commerce (ONDC) platform.
The app will be launched in Bengaluru for grocery and food shopping.&nbsp;
With 450 million users, PhonePe claims to have one in four Indians use the platform. With Pincode, the business wants to make it possible for retailers, MSMEs, and farms to interact with a larger local ecosystem. PhonePe is concentrated on developing an inclusive, hyperlocal quick commerce alternative rather than competing with e-commerce behemoths like Flipkart or Amazon.
PhonePe Founder and CEO Sameer Nigam said that the Pincode app will be available initially in Bangalore and it will expand to other cities after the app achieves transactions of around 10,000 per day.
"PhonePe is launching a new shopping app that puts stores at the heart of interaction. Pincode is going to open up in Bengaluru.
"We are going to launch it city by city. We are going to first take transaction volumes like 10,000 a day before we open the next city. We are looking at 100 thousand per day by December," Nigam said.
He said this is the second consumer app from PhonePe in about seven years.
Nigam said a separate app has been launched because the expectations of customers are going to be different.
The app will pilot in Bangalore with grocery, food, pharma, electronics and home decor.
Retailers available on government-supported ONDC (Open Network for Digital Commerce,) can join the app

PhonePe, one of India's largest fintech platforms, on Friday said it has raised an additional USD 200 million (around Rs 1,649 crore) in primary capital from Walmart, at a pre-money valuation of USD 12 billion

PhonePe raises $200 mn in additional funding from Walmart

PhonePe, one of India's largest fintech platforms, on Friday said it has raised an additional USD 200 million (around Rs 1,649 crore) in primary capital from Walmart, at a pre-money valuation of USD 12 billion

PhonePe, one of India's largest fintech platforms, on Friday, said it has raised an additional $200 million (around ₹1,649 crore) in primary capital from Walmart, at a pre-money valuation of $12 billion.
This new funding comes as a part of PhonePe's ongoing fundraise of up to $1 billion in capital, following its domicile shift to India last year. With this tranche, the company has raised $650 million (around ₹5,360 crore) from several global investors, PhonePe said in a statement.
The $12 billion pre-money valuation makes Walmart-owned PhonePe the most valuable fintech in the country, surpassing payment services provider, Razorpay which was last valued at $7.5 billion.
"The company expects further investments, which will be announced in due course," the statement said. "PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators." The fundraise will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI.

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