Tuesday, May 21

Tag: PhonePe

Paytm to file DRHP for $2.3 billion IPO on July 12
Market

Paytm to file DRHP for $2.3 billion IPO on July 12

New Delhi, 5th July 2021: India's leading payment service provider which accounts for around 60% of online payment transactions Paytm will file a draft prospectus as early as July 12 for a domestic initial public offering (IPO) that seeks to raise $2.3 billion, as per the reports by Reuters. The money will be raised via the sale of Paytm stocks in the Indian stock market at an expected valuation of $24 billion to $25 billion with an option to raise more amount at a later stage. One97 Communications Ltd, the parent of Indian payments firm proposed a $2.3 billion IPO, that will make it India's third-biggest public listing after Coal India in 2010 and Reliance Power in 2008. The prospectus will be filed shortly after Paytm's extraordinary general meeting (EGM) of shareholders in Del...
Indian Payment Apps Hit Amid Yes Bank crisis
INDIA

Indian Payment Apps Hit Amid Yes Bank crisis

As Yes Bank went into moratorium, many Indian digital payment platforms bore the brunt on Friday as transactions were disrupted, including Walmart owned PhonePe facing "long outage". PhonePe, which depends exclusively on Yes Bank as its payment services provider (PSP), was down since the order was imposed and also had to suffer the more-than-friendly barbs of rival Paytm Payments Bank on Twitter. Yes Bank was put under moratorium late Thursday evening, with several caps, including allowing depositors to withdraw only Rs 50,000 per account and a slew of others including not taking fresh liabilities. This resulted in the bank being unable to render the services as a PSP, experts said. Even late in the evening, PhonePe was yet to start the Unified Payments Interface services, for...
PhonePe Receives $60 Million Funding From its Parent Firm
FUNDING

PhonePe Receives $60 Million Funding From its Parent Firm

Flipkart-owned digital payments company PhonePe has received around $60 million from its parent firm in another round of funding, according to regulatory filings. PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 10,07,670 shares and the total amount paid was INR 427,25,20,800, according to documents sourced by Paper.vc. The resolution was passed on February 12, it added. The company declined to comment on fund infusion. In July last year, PhonePe had received fund infusion of about $100 million from its parent firm, while another $80 million was pumped into the company in December. The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google...
PhonePe Introduces IRCTC Micro-app on its Platform
BUSINESS

PhonePe Introduces IRCTC Micro-app on its Platform

PhonePe, a Flipkart-owned digital payments platform will now offer an IRCTC micro-app on its platform. The company has partnered with Indian Railway Catering and Tourism Corporation (IRCTC) to carry forward with this process. This development has come three months after PhonePe struck a partnership with IRCTC to facilitate digital payments on the IRCTC Rail connect Android app. With this, the micro-app will now allow users to book their train tickets directly through the PhonePe App. "We are continuously evolving and innovating towards building a hassle-free ecosystem for our 100 million users and the association with IRCTC is another step in that direction. Our aim is to create a unified login and payments experience across all important consumer use cases especially in the space o...
India’s DMRC has partnered with PhonePe to Facilitate Payments
INDIA

India’s DMRC has partnered with PhonePe to Facilitate Payments

The digital payment player PhonePe has tied up with Delhi Metro Rail Corporation (DMRC) to offer PhonePe users with the service of recharging their DMRC smartcards on the app itself. This service will be made available to the users through a micro app in the freshly created 'Apps' section on the PhonePe app. The fintech company stated that it will be the exclusive partner to power UPI payments for DMRC smartcard recharges. The people can also make use of the PhonePe app as a payment option to recharge their smart card on DMRC website. This association has added to PhonePe’s travel and commute services portfolio which already consists of cabs, buses, hotels and flight services. PhonePe which is part of Walmart-owned Flipkart group had also partnered with Indian Railway Catering and...
Travel Firm Goibibo Launches Flight Bookings on PhonePe
BUSINESS

Travel Firm Goibibo Launches Flight Bookings on PhonePe

Online travel booking platform Goibibo, has reportedly launched Goibibo Flights on digital payment platform PhonePe. As part of the first phase of this association, the company went live with its offering of hotels on the PhonePe platform in June 2018. “The collaboration has not only been rewarding for us but it has truly succeeded in providing a seamless travel booking experience to PhonePe users,” stated Sanjay Bhasin, COO, Goibibo. Rahul Chari, co-founder of PhonePe also stated that this is part of the expansion strategy of PhonePe to be achieved through partnerships with other service providers. This partnership is part of the partnership with the MakeMyTrip group and Redbus was the first micro-app to go live on PhonePe. The digital payment platforms have been growing and expa...
PhonePe Teams Up with IRCTC to Facilitate Digital Payments
News

PhonePe Teams Up with IRCTC to Facilitate Digital Payments

The emerging digital payments player PhonePe which is owned by Flipkart announced that it has teamed up with Indian Railway Catering and Tourism Corporation (IRCTC) to make digital payments easier and smoother through PhonePe on the IRCTC Rail connect Android app. This partnership will ensure the ease of payment with the help of PhonePe as a payment option on the IRCTC Rail connects Android app for their travel bookings. At present, the PhonePe app has options for payments through UPI, credit & debit cards and its own wallet. "We are extremely delighted to partner with IRCTC which has been a trusted platform for India's travel bookings. Through this partnership, we aim to boost digital payments across India. PhonePe offers IRCTC users the choice of using UPI along with all the othe...
Flipkart’s PhonePe Acquires Leading Hyper Local POS Platform
ACQUISITION

Flipkart’s PhonePe Acquires Leading Hyper Local POS Platform

One of the leading digital payment platforms PhonePe that is owned by Flipkart has announced that the company has reportedly acquired Zopper Retail which is a hyper-local POS (point of sales) marketplace. However, the amount of the deal has not been disclosed. Neeraj Jain who is the founder and CEO of Zopper, will be joining the PhonePe team as head of product in offline merchant solutions. Sameer Nigam, CEO of PhonePe said, “We welcome the Zopper Retail team to PhonePe and are excited leveraging their domain expertise to rapidly expand our offline merchant network across India. Zopper has a very strong technology and innovation DNA, and Neeraj and team are also a great culture fit for PhonePe. Zopper Retail is specifically designed to meet the needs of millions of small retailers in I...
UPI Payments Received 30% Growth in June Month
INDIA

UPI Payments Received 30% Growth in June Month

According to the data available with the National Payments Corporation of India (NPCI), India's unified payments interface (UPI) payments received 30 percent growth, over 246 million users in June month. A total of 246.37 million UPI transactions were conducted in June this year, as against 189.48 million in May 2018, recording the highest month-on-month rise for this year, the data showed. The total value of these UPI transactions stood at Rs 40,834.03 crore in the month of June as compared to Rs 33,288.51 crore in the preceding month, it added. During the conversation with Pixr8 News, PhonePe Head of Payments and Financial Services Hemant Gala said our platform drove over 50 million UPI transactions at over Rs 100 billion total payment value (TPV) in June. "We are also one of...
PhonePe Ties Up With Goibibo For Hotel Bookings
News

PhonePe Ties Up With Goibibo For Hotel Bookings

The Bengaluru based Fin-Tech company PhonePe has tied up with online travel company Goibibo to allow its users to make hotel bookings from the app itself. It will provide a unified login and payments experience to over 100 million PhonePe users for the same purpose. According to the statement, the PhonePe app will have Goibibo’s microapp under the name ‘Hotels’ which will enable users to book domestic and international hotels. Users can also use their goCash balance to make these hotel bookings.   #PhonePe welcomes @goibibo! Now make your hotel bookings directly from the PhonePe App & enjoy hassle-free bookings. Download the PhonePe App now : https://t.co/YvG5WrnJai pic.twitter.com/dSDQMbOs9c — PhonePe (@PhonePe_) June 20, 2018    “With this partnership, ...
Marketing Head Daman Soni steps down from MobiKwik
News

Marketing Head Daman Soni steps down from MobiKwik

Digital Wallet Firm MobiKwik's marketing and growth department head, Daman Soni has resigned from his post, marking another senior level exit from the company. While the firm witnessed a growth as compared to its previous reports it has lost some prominent employees in its senior level hierarchy in a span of last 6-8 months. A year back in November 2017, Akash Gupta Vice President and marketing head to walked away to launch his own green tech venture. Earlier, Vineet Singh, Chief Business Officer too had stepped down in April this year. Additionally, Rukaiya Rangwala, head at payment gateway business also called a quit in April, while retail head Vivek Sinha resigned in May. Soni has confirmed his exit informing that he would be looking at fresh opportunities in the mobile tech...
RBI to Introduce Mobile Wallet Interoperability Soon
News

RBI to Introduce Mobile Wallet Interoperability Soon

While the mobile wallet industry is emerging at an impressive pace in India, it now is looking actively for the Reserve Bank of India to release interoperability guidelines for the industry. Notably, RBI's master directions on Mandatory KYC compliance (Issuance and Operation of Pre-paid Payment Instruments) that came in October 2017 had proposed digital wallets to become interoperable within six months. However, the following discussions with stakeholders had postponed the decision. If sources are to be belived RBI is now determined to bring wallet interoperability rules in a month with a delay of two months after the deadline A report quoting bankers published by ET said, The National Payments Corporation of India (NPCI) has already cleared the safety security aspects of taking wal...