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PhonePe Emerging as One of the Fastest Growing Digital Payment Apps

PhonePeAll Business National News 

Last year when Walmart had bought the biggest e-commerce company Flipkart in around Rs 1.07 lakh crore there are good chances that they might have not paid attention to the digital payment unit PhonePe in the deal. 

Now if we look into PhonePe, then it is included in the list of top startups. And according to the latest data, the value of PhonePe has reached 68,000 crores.

Value of phone-pay transactions increased 4x in the last one year

Flipkart’s board has recently allowed to convert PhonePe into a new unit and raise about Rs 6,800 crore. 

According to sources, the value of PhonePe will be around 68,000 crores. There is a possibility of a deal in the next 1-2 months.

The company has become one of the major companies in the digital payment sector. 

In the last few days, the use of digital platforms in sending money in business transactions has begun. PhonePe is also enjoying the benefit of these digital transactions. 

In the last one year, the value of the company’s volume and transaction has increased fourfold. 

PhonePe contender is Paytm. An analyst at Keybanc Capital Market says that PhonePe is a valuable asset for Walmart.

PhonePe Was Sold Within a year

After leaving Flipkart three friends started PhonePe in December 2015. 

Flipkart founder Binny Bansal and Sachin Bansal bought PhonePe within a year. The government took a decision of Demonetization on November 8th, 2016. And, this step led to the rapid growth of digital payment companies.

Binny and Sachin Bansal could not understand the potential of this digital payment application when they brought it. 

Walmart got this application in a deal with Flipkart. It was probably not the idea that the company’s business would grow quick and it would be one of the major digital payment companies in the country.

Company’s users grew fourfold in the last one year

According to the company, in June this year, 29 million people had access to PhonePe app and the total transaction was about $85 billion.

While the company had 7.1 million subscribers a year ago and the total transaction was $22 billion. 

The company has recently started providing services in mutual funds, movie tickets, and airline bookings. 

Apart from this, Amir Khan is the brand ambassador of this app.

70 lakh Crores digital payment transaction

According to a report by Credit Suisse, digital payment transactions in the country are likely to be worth Rs. 70 lakh crore by 2023. Now it is Rs 14 lakh crore Is of Patiala is at the forefront of digital payment. Apart from phone-pay, Mobiquick, Amazon-Pe, Google-Pay, PayPal and Razor-Pay are the other major players. Whatsapp is also coming in this field.

Also Read: VIJAY MALLYA’S RELIEF PLEA GETS REJECTED BY THE BOMBAY HIGH COURT

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