And surprisingly, the leader is not Google Pay or Paytm.
It is the dark horse PhonePe.
Four years ago, India took a massive step towards a cashless economy with the
development of a UPI (Unified Payments Interface).
The e-commerce player Flipkart saw this as the future of payments and acquired
PhonePe for $10MM within 4 months of its launch.
But why would an E-commerce player want to acquire at payments platform?
Online e-commerce was stifled by the payments infrastructure, having to rely on
expensive credit cards or high friction bank account transfers. By enabling
people to pay and transact smoothly, the ability to shop online would become
With Flipkart's backing and a motivated 20 member team, PhonePe got off to a
The app crossed 10MM downloads, being the first UPI focused app to do so. It
grew 100% month on month, as it scaled rapidly across consumers and merchants.
PhonePe was building to win, at scale.
In 2016-17, the company would earn INR 3Cr ($400K), while in 2017-18, the
company would scale to INR 42Cr ($7MM).PhonePe now has recorded 835 million UPI
transactions in October.
With details here (https://bit.ly/385ytb1) PhonePe is India’s payments dark
Originally posted by Chetan Manda on LinkedIn