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January 27, 2023
On the wires
PhonePe Raises $350 mln, Becomes India's Most Valuable Payments Firm
Walmart-backed PhonePe said on Thursday it raised $350 million from private equity firm General Atlantic at a $12 billion valuation, making it India's most valuable payments firm and giving it funds to expand into the lucrative lending space. A second tranche of investments from marquee global and Indian investors is expected to close next month, a PhonePe spokesperson said, declining to give further details.
November 3, 2022
On the web
Paytm, PhonePe, Google Pay Divided on UPI Market Share Cap; Government Won’t Intervene
The Economic Times
“The Centre will not “actively intervene” in the matter of conflicting demands by India’s top payment providers over the issue of enforcing a 30% cap on the market share of. apps operating on the unified payment interface (UPI), top officials told ET. This follows contrasting demands on the issue by digital payment providers in recent weeks.While Paytm, the third ranking payment app “believes market capping should be implemented as per the timeline (December 2022), “ market leaders Walmart-owned PhonePe as well as Google Pay had independently approached UPI regulator National Payments Corporation of India (NPCI) for an extension of the deadline by at least three more years.Senior officials told ET that the mandate to decide on this issue lies with the NPCI and the Reserve Bank of India. However, the Centre will monitor any decision that could potentially affect consumers, they added….As per latest NPCI data for the month of September, PhonePe and Google Pay had market shares of 46.7% and 33.3%, respectively, in terms of volumes of UPI transactions handled.”
September 6, 2022
On the web
PhonePe Begins Work to Launch its Own Payment Gateway
“Unified Payments Interface (UPI) leader PhonePe is launching its own payment gateway as an extension to its current Quick Response (QR) Code-based UPI payment service and in-app payments. The company will be competing with the likes of Paytm, Pine Labs and Razorpay as it may look at targeting large offline players as well as small and medium businesses to offer its payment gateway to, according to sources. “PhonePe had been working on this for a while. Around two months ago, they informed their payments partners that they are working on a payment gateway. They had reached out to payment partners in good faith since they will be competing with them,” said a payments executive aware of PhonePe’s plans. While the Walmart-backed company did not comment on the development, it has recently added a tab for its payment gateway on its website as one of its offerings for businesses.”
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