The fintech startup's UPI play gave it a boost, even as many banking and tech companies failed to tap digital payments at scale. Today, one in every four Indians is a PhonePe user, and its market share by UPI total payments value stood at 50.54 per cent as of March this year. "Now some wallet players like Paytm, Mobikwik and Freecharge are also trying to become UPI players. They were deeply rooted in this value proposition that a wallet is better than a bank. Banks were not interested and (thought) the banking app was better. We were the only ones screaming from the rooftops that UPI was better," Nigam said.
Later, big tech companies like Google, Metaowned WhatsApp and Amazon also came up with UPI-based platforms. But PhonePe, according to Nigam, had the belief that it would win because it was willing to deploy a large workforce on merchant acceptance and operations. "Payment is not the same as sending a chat message or an Instagram post. If apost doesn't refresh, you will be bummed, but you will go to sleep." "But money is critical. It evokes the most anxiety besides health. So, you have to put people on the ground."
This story is from the October 31, 2023 edition of Business Standard.
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This story is from the October 31, 2023 edition of Business Standard.
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