PHONEPE USERS
Airtel, Jio, Vodafone Idea push long-term plans at old rates to retain users
After announcing telecom pack price hikes of up to 25% effective July 3-4, telcos are urging subscribers to recharge long-term plans at old prices to reduce customer attrition. Bharti Airtel, Reliance Jio, and Vodafone Idea (Vi) are promoting 365-day plans priced between Rs 2,545 and Rs 3,099 through in-app promotions.
MCA probe report on Byju’s; Walmart on Flipkart, PhonePe profitability
An investigation by the central government into Byju's cleared the edtech firm of financial fraud charges, according to a report by Bloomberg. The Ministry of Corporate Affairs, however, denied it on Wednesday evening. This and more in today's ETtech Top 5.
Ixigo extends ties with PhonePe to offer flight, bus booking services
The expanded partnership will enable over 54 crore PhonePe users to experience more comprehensive travel booking and utility services for flights, trains and buses, ixigo said.
PhonePe in talks with top smartphone brands to pre-install Indus Appstore
PhonePe launched its own Android-based app store, challenging Google's billing policy and commissions. It onboarded popular apps and gaming majors, offering zero listing and platform fees.
Flipkart's path to profitability will decide IPO timing, says Walmart CFO
Walmart sees financial services as a growth opportunity, with PhonePe and Flipkart driving monetisation prospects. A report by Bernstein Research suggests India's ecommerce market could double by 2025.
IPOs of Flipkart, PhonePe could take couple of years: Walmart executive
Walmart's Flipkart marketplace and PhonePe digital payments platform could have IPOs in the next couple of years, as stated by Walmart's executive, Dan Bartlett.
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Jio Financial Services launches app to take on its fintech rivals
Jio Finance will offer UPI payments, bill payments, insurance advisory and digital banking. Eventually Jio Financial Services will offer credit products like loans against mutual funds, home loans and others to its customers through the app.
Volt Money partners with PhonePe for loans against mutual funds
Loans against mutual funds are rapidly gaining popularity as a cost-effective alternative to expensive personal and business loans, by offering interest rates that are near to home loans.
PhonePe launches secured loans in partnership with a bunch of NBFCs
PhonePe, a Bengaluru based fintech major, has launched secured loan products in partnership with non-banking finance companies like Tata Capital and L&T Finance. The Walmart owned company is offering six credit products to its customers.
Ecommerce in slow lane; PhonePe-BharatPe truce
Happy Monday! Online sales haven’t picked up during the final quarter of FY24, industry officials said. This and more in today’s ETtech Morning Dispatch.
Paytm employees warned of potential job losses after hit from RBI probe
Paytm, the Indian fintech pioneer, signalled job cuts and asset trimming after reporting its first sales decline on record due to a regulatory probe. The company's net losses surged to 5.5 billion rupees, with revenue dropping by 2.6%. Paytm aims to recover by streamlining operations and focusing on core businesses.
Traditional financial services catch the super app bug
Financial services companies such as Aditya Birla Capital, Angel One and Muthoot Fincorp are building superapps -- a one-stop applications for all their customers' needs. This development comes as large groups such as Reliance Industries and Tata Group have already rolled out such superapps for everything from shopping to payments and credit under one roof.
Upstox enters insurance distribution business
HDFC Life is among the first insurers to partner with Mumbai-based Upstox, featuring its term insurance plans on the platform
You can use PhonePe on your next trip to Sri Lanka
Indian fintech giant PhonePe has launched its UPI services in Sri Lanka, enhancing cross-border fintech connectivity. The event was attended by dignitaries including the Central Bank Governor and India's High Commissioner. This milestone partnership with LankaPay enables Indian visitors to make secure UPI payments in Sri Lanka, promoting digital transactions and financial integration between the two nations.
PhonePe UPI payments launched in Sri Lanka
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.
Paytm focuses on UPI Lite wallet for low-value transactions
Paytm promotes UPI Lite for small transactions, collaborating with top banks. The on-device wallet allows quick, PIN-free payments up to Rs 500, enhancing the user experience for everyday purchases.
Flipkart maps out India redux; QED’s Nigel Morris interview
Happy Monday! Ecommerce major Flipkart is in discussions to shift its domicile from Singapore to India. This scoop and more in today’s ETtech Morning Dispatch.
NPCI to delay payments market cap, helping Walmart-backed PhonePe, Google Pay
India delays market share caps for digital payments, benefiting PhonePe and Google Pay. NPCI extends UPI market share cap deadline. PhonePe's UPI share increases to 48.3%, while Google Pay's decreases. Total transactions volume reaches 11.5 billion.
Uber ups hyperlocal deliveries as quick commerce takes off
Delivers prepaid items from kirana stores; offers service in NCR, Bengaluru, Chennai, Hyderabad, Jaipur, Lucknow, Kolkata, Guwahati and Ludhiana
UPI Service providers sought regulatory intervention to make transactions remunerative
The UPI payment ecosystem is currently under the sway of two major players – Google Pay, commanding a substantial 47% market share, and PhonePe, a Walmart subsidiary, holding a significant 37% share. This duopoly underscores the competitive landscape and the uphill battle faced by smaller players.
BHIM looks to bulk up with ONDC to take on digital payment heavyweights
NPCI-built app to foray into ecommerce space via separate division. Despite marketing challenges, BHIM aims to improve user experience through partnerships and new initiatives like BHIM 2.0.
PhonePe poured bulk of Rs 800 crore investments into insurance business
The infusion of Rs 426 crore to PhonePe Insurance Broking Services points to the payment company's bullish bet on the segment. PhonePe has infused more than Rs 1,000 crore as equity investment in its insurance unit since it was licensed, according to information sourced from the Registrar of Companies.
NPCI pushing new UPI players to offer incentives to expand market share
NPCI encourages new UPI apps to invest for user growth. Uncertainty looms over market share deadline extensions, hindering significant capital investment by smaller players like Cred amid concerns about reducing market leaders' share.
UPI rule change: Soon use money in PhonePe, Amazon Pay, any wallet to pay via Paytm, other UPI apps; check RBI new rule
UPI rule change for PPIs: Currently, money in your prepaid wallet (like PhonePe) can only be used for UPI transactions through the app offered by the wallet issuer itself. This limits your options — you can't use PhonePe money on Paytm or BHIM, for example. To address this, the Reserve Bank of India (RBI) has proposed allowing users to link their prepaid payment instrument such as wallets with any third-party UPI app. This means greater flexibility. What changes for UPI customers? How is this move going to help you?
PhonePe users can now make payments through UPI in Singapore
PhonePe enables UPI payments in Singapore through a pact with The Singapore Tourism Board, enhancing cross-border transactions for Indian visitors. The collaboration includes joint marketing efforts and over 8,000 merchants for seamless transactions.
UPI goes to UAE: PhonePe users can pay via Neopay terminals
PhonePe enables users in the UAE to make payments at Neopay terminals, enhancing cross-border transactions for Indian travelers. The collaboration with Mashreq and NPCI aims to simplify payment processes, including inbound remittances, through the UPI infrastructure.
PhonePe to launch app store on February 21
The launch of PhonePe's Indus Appstore is expected to take place in New Delhi. PhonePe released the developer platform for the Android-based app marketplace in September last year and said it would be free for developers for the first year, after which a nominal annual fee would apply.
Paytm crisis: PhonePe makes hay, user base climbs 15-20%
PhonePe is already the leader in terms of UPI transaction volumes having a 46% share in the October-December period. This market share is likely to grow as users migrate from Paytm to PhonePe. One of the sources said PhonePe has already started preparing its systems on the backend to handle the additional capacity.
Paytm merchants migrate to rivals, bank users move accounts
PhonePe, Google Pay see surge in inbound requests for QR codes and Smart Speakers, offer support.
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