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In 2022, PhonePe obtained licensing from the Reserve Bank of India for operating a Semi-Closed Prepaid Payment system.<ref>{{Cite web|title=Reserve Bank of India - Publications|url=https://rbi.org.in/scripts/publicationsview.aspx?id=12043|access-date=2017-02-20|website=rbi.org.in|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225235441/https://rbi.org.in/scripts/publicationsview.aspx?id=12043|url-status=live}}</ref><ref>{{Cite web|title=Terms of user {{!}} PhonePe|url=https://www.phonepe.com/en/terms.html|website=PhonePe|access-date=20 February 2017|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225235401/https://www.phonepe.com/en/terms.html|url-status=live}}</ref>
In 2022, PhonePe obtained licensing from the Reserve Bank of India for operating a Semi-Closed Prepaid Payment system.<ref>{{Cite web|title=Reserve Bank of India - Publications|url=https://rbi.org.in/scripts/publicationsview.aspx?id=12043|access-date=2017-02-20|website=rbi.org.in|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225235441/https://rbi.org.in/scripts/publicationsview.aspx?id=12043|url-status=live}}</ref><ref>{{Cite web|title=Terms of user {{!}} PhonePe|url=https://www.phonepe.com/en/terms.html|website=PhonePe|access-date=20 February 2017|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225235401/https://www.phonepe.com/en/terms.html|url-status=live}}</ref>

== Innovation and partnerships ==
PhonePe helps merchants to accept payments through all UPI-based apps, debit and [[credit card|credit cards]], as well as wallet (Including third party wallets) on the app.<ref name="ETBFSI.com 2021 v410">{{cite web | title=Top seven Indian FinTechs operating in Digital payments | website=ETBFSI.com | date=2021-06-24 | url=https://bfsi.economictimes.indiatimes.com/news/fintech/top-seven-indian-fintechs-operating-in-digital-payments/83799926 | access-date=2024-03-10}}</ref>

=== 2017 ===
In October, PhonePe launched a POS device built in India. The hardware uses Bluetooth connectivity and enables payments through all the mobile devices that can access the PhonePe app.<ref>{{Cite web|last1=Dalal|first1=Mihir|date=1 November 2017|title=Flipkart's PhonePe launches PoS machine for small merchants|url=https://www.livemint.com/Industry/KmPSzYRdJ7QI5Mjw31kFXL/Flipkarts-PhonePe-launches-PoS-machine-for-small-merchants.html|website=[[Mint (newspaper)|Mint]]|access-date=11 March 2023|archive-date=27 November 2021|archive-url=https://web.archive.org/web/20211127075134/https://www.livemint.com/Industry/KmPSzYRdJ7QI5Mjw31kFXL/Flipkarts-PhonePe-launches-PoS-machine-for-small-merchants.html|url-status=live}}</ref><ref>{{Cite web|last1=Allirajan|first1=M|date=31 October 2017|title=PhonePe launches Made for India POS device|url=https://timesofindia.indiatimes.com/business/india-business/phonepe-launches-made-for-india-pos-device/articleshow/61374154.cms|website=[[The Times of India]]|access-date=11 March 2023|archive-date=16 July 2019|archive-url=https://web.archive.org/web/20190716012315/https://timesofindia.indiatimes.com/business/india-business/phonepe-launches-made-for-india-pos-device/articleshow/61374154.cms|url-status=live}}</ref>

In January 2018, PhonePe established a partnership with Freecharge, allowing PhonePe users to link their existing Freecharge wallets to the PhonePe app.<ref>{{Cite web|date=9 January 2018|title=PhonePe strikes strategic partnership with FreeCharge|url=https://www.business-standard.com/article/news-ani/phonepe-strikes-strategic-partnership-with-freecharge-118010900804_1.html|website=[[Business Standard]]|access-date=11 March 2023|archive-date=9 February 2022|archive-url=https://web.archive.org/web/20220209154144/https://www.business-standard.com/article/news-ani/phonepe-strikes-strategic-partnership-with-freecharge-118010900804_1.html|url-status=live}}</ref> Additionally, PhonePe has entered into similar collaborations with Jio Money and Airtel Money.<ref>{{Cite web|date=19 February 2018|title=PhonePe adopts FMCG approach for tie-ups with local merchants|url=https://www.thehindubusinessline.com/news/phonepe-adopts-fmcg-approach-for-tie-ups-with-local-merchants/article22800373.ece|website=[[The Hindu Businessline]]|access-date=11 March 2023|archive-date=22 October 2021|archive-url=https://web.archive.org/web/20211022031728/https://www.thehindubusinessline.com/news/phonepe-adopts-fmcg-approach-for-tie-ups-with-local-merchants/article22800373.ece|url-status=live}}</ref>

=== 2019 ===
PhonePe introduced tax-saving funds aimed at assisting customers in minimizing their tax burden through investments in equity-linked saving schemes.<ref>{{cite news|last1=Manikandan|first1=Ashwin|date=9 January 2020|title=PhonePe allows to invest in liquid mutual funds|work=[[The Economic Times]]|url=https://economictimes.indiatimes.com/mf/mf-news/walmart-owned-phonepe-expands-its-financial-services-palette/articleshow/73161108.cms?from=mdr|access-date=11 March 2023|archive-date=28 August 2020|archive-url=https://web.archive.org/web/20200828142830/https://economictimes.indiatimes.com/mf/mf-news/walmart-owned-phonepe-expands-its-financial-services-palette/articleshow/73161108.cms?from=mdr|url-status=live}}</ref><ref>{{cite news|date=28 March 2019|title=Want to save addl income tax? This new app will save you whopping Rs 46,800|work=[[Zee Business]]|url=https://www.zeebiz.com/personal-finance/news-want-to-save-addl-income-tax-this-new-app-will-save-you-whopping-rs-46800-92080#:~:text=offers%20exactly%20that.-,On%20Thursday%2C%20PhonePe%20announced%20the%20launch%20of%20a%20Tax%20Saving,or%20Equity%20Linked%20Savings%20Schemes.|access-date=11 March 2023|archive-date=12 June 2021|archive-url=https://web.archive.org/web/20210612165831/https://www.zeebiz.com/personal-finance/news-want-to-save-addl-income-tax-this-new-app-will-save-you-whopping-rs-46800-92080#:~:text=offers%20exactly%20that.-,On%20Thursday%2C%20PhonePe%20announced%20the%20launch%20of%20a%20Tax%20Saving,or%20Equity%20Linked%20Savings%20Schemes.|url-status=live}}</ref>

=== 2020 ===
In January, PhonePe became the inaugural digital payment platform in India to introduce international travel insurance.<ref>{{cite news|last1=Dugh|first1=Harish|date=23 January 2020|title=PhonePe does a first in India, launches International Travel Insurance in digital payment platform space|work=[[Zee Business]]|url=https://www.zeebiz.com/india/news-phonepe-does-a-first-in-india-launches-international-travel-insurance-in-digital-payment-platform-space-118015|access-date=11 March 2023|archive-date=6 August 2020|archive-url=https://web.archive.org/web/20200806100450/https://www.zeebiz.com/india/news-phonepe-does-a-first-in-india-launches-international-travel-insurance-in-digital-payment-platform-space-118015|url-status=live}}</ref> PhonePe collaborated with Aditya Birla Mutual Fund to launch the Liquid Fund, offering users the combined benefits of a fixed deposit and a mutual fund.<ref>{{cite news|last1=Singh|first1=Shipra|date=8 January 2020|title=PhonePe Launches Liquid Fund. Should You Invest?|language=en|work=[[Entrepreneur (magazine)|Entrepreneur]]|url=https://www.entrepreneur.com/article/344676#:~:text=Digital%20payments%20company%20PhonePe%20on,into%20a%20liquid%20mutual%20fund.|access-date=11 March 2023|archive-date=16 August 2022|archive-url=https://web.archive.org/web/20220816012722/https://www.entrepreneur.com/article/344676#:~:text=Digital%20payments%20company%20PhonePe%20on,into%20a%20liquid%20mutual%20fund.|url-status=live}}</ref>

In February, PhonePe launched the chat feature on its app to enable its users to have conversations with each other within the app while requesting money or confirming the receipt of payment.<ref>{{cite news|date=3 February 2020|title=PhonePe introduces chat feature on app to ease digital transactions via texts|language=en|work=[[Mint (newspaper)|Mint]]|url=https://www.livemint.com/technology/apps/phonepe-introduces-chat-feature-on-app-to-ease-digital-transactions-via-texts-11580717509591.html|access-date=11 March 2023|archive-date=28 October 2021|archive-url=https://web.archive.org/web/20211028143114/https://www.livemint.com/technology/apps/phonepe-introduces-chat-feature-on-app-to-ease-digital-transactions-via-texts-11580717509591.html|url-status=live}}</ref>

PhonePe launched Super Funds in May to aid long-term wealth creation by helping customers invest in equity, debt, and gold funds of mutual fund companies.<ref>{{cite news|last1=Abrar|first1=Peerzada|date=4 May 2020|title=PhonePe launches Super Funds to help users in long-term wealth creation|work=[[Business Standard]]|url=https://www.business-standard.com/article/companies/phonepe-launches-super-funds-to-help-users-in-long-term-wealth-creation-120050401138_1.html|access-date=11 March 2023|archive-date=15 May 2021|archive-url=https://web.archive.org/web/20210515051630/https://www.business-standard.com/article/companies/phonepe-launches-super-funds-to-help-users-in-long-term-wealth-creation-120050401138_1.html|url-status=live}}</ref>

In June, the company launched domestic multi-trip insurance to cover all risks associated with all modes of travel within India at an affordable annual premium.<ref>{{cite web|last1=Malik|first1=Yuvraj|date=19 September 2019|title=PhonePe's super-app platform 'Switch', a one stop solution for customers|url=https://www.business-standard.com/article/companies/phonepe-s-super-app-platform-switch-a-one-stop-solution-for-customers-119091901357_1.html|access-date=16 January 2020|website=Business Standard India|archive-date=16 January 2020|archive-url=https://web.archive.org/web/20200116104743/https://www.business-standard.com/article/companies/phonepe-s-super-app-platform-switch-a-one-stop-solution-for-customers-119091901357_1.html|url-status=live}}</ref><ref>{{cite news|last1=Banerjee|first1=Prasid|date=22 Jan 2020|title=PhonePe now allows customers to withdraw cash using UPI|publisher=livemint|agency=Mint|url=https://www.livemint.com/companies/news/phonepe-now-allows-customers-to-withdraw-cash-using-upi-11579695985662.html|access-date=12 February 2020|archive-date=23 January 2020|archive-url=https://web.archive.org/web/20200123133235/https://www.livemint.com/companies/news/phonepe-now-allows-customers-to-withdraw-cash-using-upi-11579695985662.html|url-status=live}}</ref>

In July, the company formed a partnership with [[ICICI Lombard]] to launch Hospital Daily Cash insurance that covers expenses incurred during hospitalisation due to injury or illnesses.<ref>{{Cite web|last=Sheth|first=Hemani|title=PhonePe, ICICI Lombard team up to offer Hospital Cash cover|url=https://www.thehindubusinessline.com/money-and-banking/phonepe-icici-lombard-team-up-to-offer-hospital-cash-cover/article32170754.ece|access-date=2021-03-29|website=@businessline|date=23 July 2020 |language=en|archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206052047/https://www.thehindubusinessline.com/money-and-banking/phonepe-icici-lombard-team-up-to-offer-hospital-cash-cover/article32170754.ece|url-status=live}}</ref><ref>{{Cite web|title=PhonePe, ICICI Lombard General Insurance Launch Health Scheme: All You Need To Know|url=https://www.moneycontrol.com/news/business/personal-finance/phonepe-icici-lombard-general-insurance-launch-health-scheme-all-you-need-to-know-5602271.html|access-date=2021-03-29|website=Moneycontrol|date=27 July 2020 |archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206052053/https://www.moneycontrol.com/news/business/personal-finance/phonepe-icici-lombard-general-insurance-launch-health-scheme-all-you-need-to-know-5602271.html|url-status=live}}</ref> During the same month, the company expanded its Mutual Funds offerings by introducing seven new categories.<ref>{{Cite web|date=2020-09-28|title=PhonePe Now Has More Mutual Fund Investment Options; Minimum Investments From Rs 100|url=https://www.news18.com/news/tech/phonepe-now-has-more-mutual-fund-investment-options-minimum-investments-from-rs-100-2915021.html|access-date=2021-03-29|website=www.news18.com|language=en|archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206052048/https://www.news18.com/news/tech/phonepe-now-has-more-mutual-fund-investment-options-minimum-investments-from-rs-100-2915021.html|url-status=live}}</ref><ref>{{Cite web|last=Singh|first=Shipra|date=2020-09-29|title=PhonePe Expands its Mutual Funds Offering by Adding 7 New Categories|url=https://www.entrepreneur.com/article/356854|access-date=2021-03-29|website=Entrepreneur|language=en|archive-date=16 October 2021|archive-url=https://web.archive.org/web/20211016130852/https://www.entrepreneur.com/article/356854|url-status=live}}</ref>

In October, the company ventured into motor insurance with the launch of car and bike insurance policies.<ref>{{Cite news|title=PhonePe in insurance with Bajaj Allianz|work=The Economic Times|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/phonepe-in-insurance-with-bajaj-allianz/articleshow/73572537.cms?from=mdr|access-date=2021-03-29|archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206052051/https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/phonepe-in-insurance-with-bajaj-allianz/articleshow/73572537.cms?from=mdr|url-status=live}}</ref><ref>{{Cite web|date=2020-10-14|title=After travel and Covid, now buy car and bike insurance on Walmart's PhonePe with these benefits|url=https://www.financialexpress.com/industry/sme/after-travel-and-covid-now-buy-car-and-bike-insurance-on-walmarts-phonepe-with-these-benefits/2104768/|access-date=2021-03-29|website=The Financial Express|language=en-US|archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206052054/https://www.financialexpress.com/industry/sme/after-travel-and-covid-now-buy-car-and-bike-insurance-on-walmarts-phonepe-with-these-benefits/2104768/|url-status=live}}</ref>

In December, Flipkart partially hived off PhonePe into a separate entity in order to access dedicated capital. As a part of this hive-off, PhonePe secured US$700 million in primary capital at a post-money valuation of US$5.5 billion from existing investors of [[Flipkart]] led by [[Walmart]].<ref>{{Cite web|last=Singh|first=Shipra|date=2020-12-03|title=Flipkart Splits PhonePe In a Separate Unit, Latter to Raise $700 Mn at $5.5 Bn Valuation|url=https://www.entrepreneur.com/article/360870|access-date=2021-03-29|website=Entrepreneur|language=en|archive-date=21 May 2022|archive-url=https://web.archive.org/web/20220521003818/https://www.entrepreneur.com/article/360870|url-status=live}}</ref><ref>{{Cite news|date=2020-12-03|title=Flipkart partially spins off PhonePe in $700 million fundraising round|work=Business Standard India|agency=Press Trust of India|url=https://www.business-standard.com/article/pti-stories/flipkart-partially-spins-off-phonepe-in-usd-700-mn-fundraising-round-120120300517_1.html|access-date=2021-03-29|archive-date=6 February 2023|archive-url=https://web.archive.org/web/20230206053553/https://www.business-standard.com/article/pti-stories/flipkart-partially-spins-off-phonepe-in-usd-700-mn-fundraising-round-120120300517_1.html|url-status=live}}</ref>

=== 2022 ===
By September 2022, PhonePe had enabled the digitization of payments for 8 million merchants under [[Reserve Bank of India|RBI]] Payments Infrastructure Development Fund (PIDF) scheme.<ref>{{Cite web |title=PhonePe digitises payments for 80 lakh merchants in the last 18 months |url=https://www.financialexpress.com/industry/sme/msme-eodb-phonepe-digitises-payments-for-80-lakh-merchants-in-the-last-18-months/2652315/ |access-date=2023-03-29 |website=Financialexpress |date=September 2022 |language=en |archive-date=31 March 2023 |archive-url=https://web.archive.org/web/20230331112408/https://www.financialexpress.com/industry/sme/msme-eodb-phonepe-digitises-payments-for-80-lakh-merchants-in-the-last-18-months/2652315/ |url-status=live }}</ref> PhonePe also tokenized 14 million debit and credit cards in compliance with the [[Reserve Bank of India|RBI]]'s required card tokenization, to limit the possibility of fraud and protect customers' card information.<ref>{{Cite web |date=2022-09-08 |title=PhonePe tokenizes 14 million debit and credit cards prior to RBI's deadline |url=https://www.livemint.com/news/india/phonepe-tokenizes-14-million-debit-and-credit-cards-prior-to-rbi-s-deadline-11662629456402.html |access-date=2023-03-29 |website=mint |language=en |archive-date=31 March 2023 |archive-url=https://web.archive.org/web/20230331112412/https://www.livemint.com/news/india/phonepe-tokenizes-14-million-debit-and-credit-cards-prior-to-rbi-s-deadline-11662629456402.html |url-status=live }}</ref> In September, PhonePe also announced the opening of its new 50,000 sq ft office in [[Pune]].<ref>{{Cite web |title=PhonePe Opens Its New 50 000 sq ft Office In Pune |url=http://bwdisrupt.businessworld.in/article/PhonePe-Opens-Its-New-50-000-sq-ft-Office-In-Pune-/27-09-2022-448295 |access-date=2023-03-29 |website=BW Disrupt |language=en}}</ref> In November, PhonePe became the first UPI TPAP App to enable UPI activation with [[Aadhaar]].<ref name=":6" />
=== 2023 ===
In May, PhonePe introduced the UPI LITE feature on its app, allowing users to initiate low value payments under {{INRConvert|200}} on their app.<ref>{{Cite news |date=2023-05-03 |title=After Paytm, PhonePe goes live with UPI Lite: All you need to know |work=The Times of India |url=https://timesofindia.indiatimes.com/gadgets-news/after-paytm-phonepe-goes-live-with-upi-lite-all-you-need-to-know/articleshow/99964853.cms |access-date=2023-07-24 |issn=0971-8257}}</ref><ref>{{Cite news |date=2023-05-03 |title=PhonePe goes live with UPI Lite |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/technology/phonepe-goes-live-with-upi-lite/articleshow/99954412.cms?from=mdr |access-date=2023-07-24 |issn=0013-0389}}</ref> It also enable the linkage of 200,000 Rupay credit cards to the Unified Payments Interface (UPI)<ref>{{Cite web |date=2023-05-25 |title=PhonePe becomes first payment app to link two lakh Rupay credit cards to UPI |url=https://www.cnbctv18.com/personal-finance/phonepe-becomes-first-payment-app-to-link-two-lakh-rupay-credit-cards-to-upi-16767201.htm |access-date=2023-07-25 |website=cnbctv18.com |language=en}}</ref><ref>{{Cite news |last=Abrar |first=Peerzada |date= |title=PhonePe links 2 lakh Rupay credit cards to UPI, says it is first to do it |work=Business Standard |url=https://www.business-standard.com/companies/news/phonepe-links-2-lakh-rupay-credit-cards-to-upi-says-it-is-first-to-do-it-123052501178_1.html}}</ref>

In June, PhonePe launched its Account Aggregator services, offered through its subsidiary PhonePe Technology Services Pvt Ltd (PTSPL).<ref>{{Cite news |date=2023-06-06 |title=PhonePe launches Account Aggregator services |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/technology/phonepe-launches-account-aggregator-services/articleshow/100792460.cms |access-date=2023-07-25 |issn=0013-0389}}</ref> This service allows Indian consumers to securely share their financial data, including bank statements, insurance policies, and tax filings, with regulated Financial Institutions or FIUs, facilitating various use cases such as loan applications, insurance purchases, and investment advice.<ref name=":10">{{Cite web |date=2023-06-07 |title=PhonePe introduces account aggregator services |url=https://www.thehindubusinessline.com/money-and-banking/phonepe-introduces-account-aggregator-services/article66941655.ece |access-date=2023-07-25 |website=www.thehindubusinessline.com |language=en}}</ref><ref>{{Cite web |date=2023-06-07 |title=PhonePe launches account aggregator service, allowing app users to share financial data |url=https://www.financialexpress.com/industry/phonepe-launches-account-aggregator-service/3116067/ |access-date=2023-07-25 |website=Financialexpress |language=en}}</ref> In June, PhonePe launched its payment gateway aimed at a broader spectrum of offline and online merchants, including small and medium businesses, to improve access to digital payment solutions.<ref>{{Cite web |date=2023-06-16 |title=PhonePe Launches In-App Payment Gateway to Assist MSMEs in India |url=https://www.thehindubusinessline.com/money-and-banking/phonepe-launches-its-own-payment-solution-for-msmes/article66975524.ece |access-date=2023-07-26 |website=www.thehindubusinessline.com |language=en}}</ref><ref>{{Cite web |date=2023-06-14 |title=PhonePe launches payment gateway with zero setup, annual maintenance fee for MSME merchants |url=https://www.financialexpress.com/industry/sme/msme-eodb-phonepe-launches-payment-gateway-with-zero-setup-annual-maintenance-fee-for-msme-merchants/3125984/ |access-date=2023-07-26 |website=Financialexpress |language=en}}</ref> In July, PhonePe launched Health Insurance platform with monthly subscriptions in partnership with insurers, to introduce the UPI monthly mode of payment.<ref name="The Economic Times 2023 o426">{{cite web | title=PhonePe launches health insurance platform that allows monthly premium payments | website=The Economic Times | date=2023-07-18 | url=https://economictimes.indiatimes.com/industry/banking/finance/insure/phonepe-launches-health-insurance-platform-that-allows-monthly-premium-payments/articleshow/101855713.cms?from=mdr | access-date=2024-04-11}}</ref> In August, PhonePe SmartSpeakers introduced voice payment notifications for customer payment validation. Additionally, PhonePe launched a collaboration with Indian actor [[Amitabh Bachchan]] to provide a celebrity voice option for payment validation on SmartSpeakers.<ref name="The News Minute 2023 d883">{{cite web | title=PhonePe SmartSpeakers offers voice payment notifications in Tamil, Malayalam, Telugu, Kannada | website=The News Minute | date=2023-08-08 | url=https://www.thenewsminute.com/news/phonepe-smartspeakers-offers-voice-payment-notifications-tamil-malayalam-telugu-kannada-1 | access-date=2024-04-11}}</ref>

=== 2024 ===
In February, PhonePe SmartSpeakers introduced a celebrity voice feature in partnership with Indian actors Mammootty, Kichcha Sudeep, and Mahesh Babu. This feature enables validation of customer payments in English and regional languages - Malayalam, Kannada, and Telugu - using the respective celebrity voices, catering to users in Kerala, Karnataka, Andhra Pradesh, and Telangana.<ref name="ETBrandEquity.com 2024 k682">{{cite web | title=PhonePe ropes in Mammooty, Kichcha Sudeep and Mahesh Babu | website=ETBrandEquity.com | date=2024-02-27 | url=https://brandequity.economictimes.indiatimes.com/news/marketing/phonepe-ropes-in-mammooty-kichcha-sudeep-and-mahesh-babu/108043058 | access-date=2024-04-19}}</ref>

PhonePe implemented cross-border UPI functionality with [[LankaPay]] on 15 May 2024.<ref>{{Cite news |last=Chaudhury |first=Dipanjan Roy |date=2024-05-17 |title=PhonePe UPI payments launched in Sri Lanka |url=https://economictimes.indiatimes.com/industry/banking/finance/phonepe-upi-payments-launched-in-sri-lanka/articleshow/110186974.cms?from=mdr |access-date=2024-05-17 |work=The Economic Times |issn=0013-0389}}</ref> In Sri Lanka, Indian PhonePe users can pay with UPI by scanning the [[LANKAQR]] code.<ref>{{Cite web |last=Tripathi |first=Naandika |date=15 May 2024 |title=PhonePe Launches Cross-border UPI Payments In Sri Lanka |url=https://www.forbesindia.com/article/news/phonepe-launches-crossborder-upi-payments-in-sri-lanka/93103/1 |access-date=2024-05-17 |website=Forbes India |language=en}}</ref>


== Ownership and funding ==
== Ownership and funding ==
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In March 2022, it  was also registered as a Bharat Bill Payment Operating Unit (BBPOU) with the Reserve Bank of India (RBI) under the Bharat Bill Payment Systems (BBPS).<ref>{{Cite web |title= |url=https://www.npci.org.in/what-we-do/bharat-billpay/product-statistics/live-customer-bbpous?TSPD_101_R0=08f002952bab2000e33479988523272b7e9db28ab6471b6805076ef9199f97bc613c3d3cdd3ae1ab0846bdbf55143000cd54d0113def80e8b7cd0e8cebcd6e9f576631b9d6a47bd0d7be71529f0be6ede300dcdb9ba15257a4fe4ab30d33af9c |access-date=2023-07-30 |website=www.npci.org.in}}</ref><ref>{{Cite web |title=Customer BBPOUs |url=https://www.bharatbillpay.com/statistics/customer-bbpous |access-date=2023-07-30 |website=www.bharatbillpay.com}}</ref>
In March 2022, it  was also registered as a Bharat Bill Payment Operating Unit (BBPOU) with the Reserve Bank of India (RBI) under the Bharat Bill Payment Systems (BBPS).<ref>{{Cite web |title= |url=https://www.npci.org.in/what-we-do/bharat-billpay/product-statistics/live-customer-bbpous?TSPD_101_R0=08f002952bab2000e33479988523272b7e9db28ab6471b6805076ef9199f97bc613c3d3cdd3ae1ab0846bdbf55143000cd54d0113def80e8b7cd0e8cebcd6e9f576631b9d6a47bd0d7be71529f0be6ede300dcdb9ba15257a4fe4ab30d33af9c |access-date=2023-07-30 |website=www.npci.org.in}}</ref><ref>{{Cite web |title=Customer BBPOUs |url=https://www.bharatbillpay.com/statistics/customer-bbpous |access-date=2023-07-30 |website=www.bharatbillpay.com}}</ref>


In January 2023, PhonePe Technology Services Private Limited, a subsidiary of PhonePe, obtained regulatory approval from the Reserve Bank of India (RBI) to operate as an Account Aggregator.<ref name=":10" />
In January 2023, PhonePe Technology Services Private Limited, a subsidiary of PhonePe, obtained regulatory approval from the Reserve Bank of India (RBI) to operate as an Account Aggregator.<ref name=":10">{{Cite web |date=2023-06-07 |title=PhonePe introduces account aggregator services |url=https://www.thehindubusinessline.com/money-and-banking/phonepe-introduces-account-aggregator-services/article66941655.ece |access-date=2023-07-25 |website=www.thehindubusinessline.com |language=en}}</ref>


In March 2023, PhonePe obtained an In-principle approval from the RBI to serve as a Payment Aggregator.<ref>{{Cite news |date=2023-03-11 |title=PhonePe gets payment aggregator licence, reaches $1 trillion annualised payment value run rate |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/startups/phonepe-reaches-1-trillion-annualised-payment-value-run-rate-gets-payment-aggregator-licence/articleshow/98560681.cms?from=mdr |access-date=2023-07-30 |issn=0013-0389}}</ref>
In March 2023, PhonePe obtained an In-principle approval from the RBI to serve as a Payment Aggregator.<ref>{{Cite news |date=2023-03-11 |title=PhonePe gets payment aggregator licence, reaches $1 trillion annualised payment value run rate |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/startups/phonepe-reaches-1-trillion-annualised-payment-value-run-rate-gets-payment-aggregator-licence/articleshow/98560681.cms?from=mdr |access-date=2023-07-30 |issn=0013-0389}}</ref>

Revision as of 12:38, 22 July 2024

PhonePe
Type of businessPrivate
Type of site
Digital payments & Financial services
Available inMultilingual (11)
Founded2015; 9 years ago (2015)
HeadquartersSalarpuria Softzone, Bengaluru, Karnataka,
India[1]
Area servedIndia
Founder(s)
IndustryInternet, E-commerce, Fintech, Financial services, Mutual funds, Insurance, Digital gold, Payment gateway, ONDC, Lending, Wealth Management
Services
RevenueIncrease ₹2,914 crore (US$350 million) (2023)[3]
ParentWalmart
URLphonepe.com
CommercialYes
RegistrationRequired
Users500 million[4]
Current statusActive
Native client(s) onAndroid
iOS

PhonePe is an Indian digital payments and financial services company[5] headquartered in Bengaluru, Karnataka, India.[6][7] PhonePe was founded in December 2015,[2] by Sameer Nigam, Rahul Chari and Burzin Engineer.[8] The PhonePe app, based on the Unified Payments Interface (UPI), went live in August 2016.[9]

The PhonePe app is accessible in 11 Indian languages.[10] It enables users to perform various financial transactions such as sending and receiving money, recharging mobile and DTH, making utility payments, conducting in-store payments.[11][12]

History

PhonePe was incorporated in December 2015.[13] In April 2016, the company was acquired by Flipkart[14][15] and as part of the acquisition, the FxMart license was transferred to PhonePe and rebranded as the PhonePe wallet. PhonePe's founder Sameer Nigam was appointed as the CEO of the company.[16]

In August 2016, the company partnered with Yes Bank to launch a UPI-based mobile payment app, based on the government-backed UPI platform.[2][17][18]

In 2022, they were launching international UPI payments, allowing Indian users traveling abroad to pay foreign merchants with Unified Payments Interface (UPI).[19]

In 2022, PhonePe obtained licensing from the Reserve Bank of India for operating a Semi-Closed Prepaid Payment system.[20][21]

Ownership and funding

In December 2020, Flipkart and PhonePe declared a partial split, with Walmart maintaining its majority ownership in PhonePe and the two entities now functioning independently.[22]

PhonePe announced the acquisition of $350 million from General Atlantic, a US growth equity firm, at a pre-money valuation of $12 billion.[23] Subsequently, another $100 million was attained in primary capital in February 2023 from Ribbit Capital, Tiger Global, and TVS Capital Funds, followed by $200 million in primary capital from Walmart, and another $100 million from General Atlantic at the same valuation. This brings the total amount of funding raised by PhonePe to $850 million.[24][25]

Licenses received

In April 2021, PhonePe Wealth Broking Private Limited, a subsidiary of PhonePe, registered with the Securities Exchange Board of India (SEBI) as a Stock Broker.[26]

In August 2021, PhonePe Insurance Broking Services Private Limited, a subsidiary of PhonePe, received an insurance broking license from Insurance Regulatory and Development Authority of India (IRDAI). This registration allows the company to distribute insurance products from all insurance companies in India.[27][28]

In March 2022, it  was also registered as a Bharat Bill Payment Operating Unit (BBPOU) with the Reserve Bank of India (RBI) under the Bharat Bill Payment Systems (BBPS).[29][30]

In January 2023, PhonePe Technology Services Private Limited, a subsidiary of PhonePe, obtained regulatory approval from the Reserve Bank of India (RBI) to operate as an Account Aggregator.[31]

In March 2023, PhonePe obtained an In-principle approval from the RBI to serve as a Payment Aggregator.[32]

Awards and recognition

  • In 2018: Won the UPI Digital Innovation Award from NPCI in 2018.[33]
  • India Advertising Awards 2018 in the Telecom and Technology category[34]

On 14 January 2017, ICICI bank blocked PhonePe transactions, citing the reasons that it did not meet the NPCI guidelines.[35][36] Initially, on 19 January 2017, NPCI instructed ICICI to allow UPI transactions via PhonePe.[37] During this period, Airtel too blocked PhonePe transactions on its platforms.[38] A day later, on 20 January 2017, NPCI renounced the previous instructions citing the reason that PhonePe indeed violated the UPI norms.[39][40][41]

After this, PhonePe closed its operations on Flipkart's website,[42] to align itself with the terms stated in the updated verdict from NPCI. By February, 2017, PhonePe resolved the issues with ICICI and Airtel.[43][44]

ESOP

PhonePe allots employee stock options (ESOPs) to its full time employees.[45] In November 2021, PhonePe was reported to have conducted a buyback of ESOPs worth ₹1.35 billion (US$16 million), covering 75% of its current workforce who have completed at least a year of service.[46]

See also

References

  1. ^ "Contact Us". PhonePe, Pvt Ltd. 15 March 2015. Archived from the original on 3 May 2020. Retrieved 29 September 2019.
  2. ^ a b c "Tech in Asia - Connecting Asia's startup ecosystem". Tech in Asia. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  3. ^ "PhonePe revenue jumps 77% to Rs 2914 crore in FY23". Livemint.
  4. ^ "PhonePe crosses 500 million registered users, alters top deck". The Economic Times. 7 November 2023. Retrieved 14 November 2023.
  5. ^ "PhonePe Becomes Fastest Growing Distributor of Insurance Technology in India". Deccan News. 25 August 2020. Archived from the original on 14 January 2021. Retrieved 29 March 2021.
  6. ^ Singh, Abhinav (10 March 2020). "Why digital payment firms should not rely on single bank". The Week. Archived from the original on 29 November 2022. Retrieved 11 March 2023.
  7. ^ "Top ten Indian Fintech unicorns - ET BFSI". ETBFSI.com. Archived from the original on 31 March 2023. Retrieved 29 March 2023.
  8. ^ Chanchani, Madhav (4 April 2016). "Flipkart acquires former executive's startup PhonePe for payments push". The Economic Times. Archived from the original on 2 February 2023. Retrieved 11 March 2023.
  9. ^ Sen, Anirban (10 January 2017). "Flipkart's PhonePe crosses 10 million downloads on Google Play Store". Mint. Archived from the original on 27 November 2022. Retrieved 11 March 2023.
  10. ^ "5 digital payment platforms you can use during Coronavirus Lockdown". India Today. 20 April 2020. Archived from the original on 18 September 2020. Retrieved 19 July 2020.
  11. ^ "PhonePe launches silver investments; allows users to buy silver coins and bars". cnbctv18.com. 30 September 2021. Archived from the original on 6 February 2023. Retrieved 29 January 2022.
  12. ^ Dasgupta, Brinda (23 March 2018). "Payments platform PhonePe looks to double its team". The Times Of India. Archived from the original on 30 November 2022. Retrieved 11 March 2023.
  13. ^ "Flipkart : India's most preferred online shopping store". The Indian Wire. 3 July 2018. Archived from the original on 6 August 2020. Retrieved 14 February 2020.
  14. ^ Reporter, B. S. (2 April 2016). "Flipkart buys mobile payments company PhonePe for an undisclosed sum". Business Standard. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  15. ^ "Flipkart acquires former executive's startup PhonePe for payments push". The Economic Times. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  16. ^ "Sameer Nigam: Executive Profile & Biography - Bloomberg". Bloomberg L.P. Retrieved 12 May 2018.
  17. ^ "7 things you must know about the PhonePe app from Flipkart". Flipkart Stories. 2 January 2017. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  18. ^ "YES BANK and PhonePe have Partnered to Launch India's 1st UPI Based Mobile Payment App - Press Release". Yes Bank. Archived from the original on 6 July 2019. Retrieved 20 February 2017.
  19. ^ "Walmart-owned PhonePe to enable UPI activation on Aadhaar-based OTP". Business Standard. 9 November 2022. Archived from the original on 31 March 2023. Retrieved 29 March 2023.
  20. ^ "Reserve Bank of India - Publications". rbi.org.in. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  21. ^ "Terms of user | PhonePe". PhonePe. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  22. ^ Singh, Manish (23 December 2022). "Flipkart and PhonePe complete separation". TechCrunch. Archived from the original on 7 June 2023. Retrieved 29 March 2023.
  23. ^ Rawat, Aman (19 January 2023). "PhonePe raises $350 mn from General Atlantic at $12 bn valuation". mint. Archived from the original on 19 April 2023. Retrieved 29 March 2023.
  24. ^ "PhonePe raises $100 million in additional funding". Financialexpress. 15 February 2023. Archived from the original on 4 April 2023. Retrieved 29 March 2023.
  25. ^ "PhonePe gets another $100 million from General Atlantic; total funding rises to $850 million". The Economic Times. 23 May 2023. ISSN 0013-0389. Retrieved 26 July 2023.
  26. ^ "PhonePe launches UPI-based AutoPay functionality for mutual fund SIP investments". www.thehindubusinessline.com. 2 August 2021. Retrieved 30 July 2023.
  27. ^ "PhonePe receives insurance broking licence". www.thehindubusinessline.com. 31 August 2021. Retrieved 30 July 2023.
  28. ^ Livemint (30 August 2021). "PhonePe receives insurance broking licence from Irdai". mint. Retrieved 30 July 2023.
  29. ^ www.npci.org.in https://www.npci.org.in/what-we-do/bharat-billpay/product-statistics/live-customer-bbpous?TSPD_101_R0=08f002952bab2000e33479988523272b7e9db28ab6471b6805076ef9199f97bc613c3d3cdd3ae1ab0846bdbf55143000cd54d0113def80e8b7cd0e8cebcd6e9f576631b9d6a47bd0d7be71529f0be6ede300dcdb9ba15257a4fe4ab30d33af9c. Retrieved 30 July 2023. {{cite web}}: Missing or empty |title= (help)
  30. ^ "Customer BBPOUs". www.bharatbillpay.com. Retrieved 30 July 2023.
  31. ^ "PhonePe introduces account aggregator services". www.thehindubusinessline.com. 7 June 2023. Retrieved 25 July 2023.
  32. ^ "PhonePe gets payment aggregator licence, reaches $1 trillion annualised payment value run rate". The Economic Times. 11 March 2023. ISSN 0013-0389. Retrieved 30 July 2023.
  33. ^ Kannan, Uma (6 August 2018). "PhonePe eyes top slot in digital payments". Deccan Herald. Archived from the original on 27 November 2021. Retrieved 11 March 2023.
  34. ^ "MullenLowe Lintas Group and Ogilvy dominate the IndIAA Awards". Campaign India. 31 August 2018. Retrieved 19 April 2024.
  35. ^ Sen, Anirban (14 January 2017). "ICICI blocks PhonePe transactions in sign of banks moving to protect payments turf". Mint. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  36. ^ Peermohamed, Alnoor (16 January 2017). "ICICI Bank blocks transactions through Flipkart wallet PhonePe". Business Standard. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  37. ^ "NPCI instructs ICICI to allow UPI transactions on PhonePe immediately". The Economic Times. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  38. ^ "After ICICI Bank, Airtel also blocks PhonePe - The Economic Times". The Economic Times. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  39. ^ "NPCI says Flipkart's PhonePe does not follow UPI rules - The Economic Times". The Economic Times. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  40. ^ IANS (21 January 2017). "PhonePe app in breach of UPI guidelines: NPCI". Business Standard. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  41. ^ PTI (20 January 2017). "PhonePe in violation of UPI norms, says NPCI in U-turn". Mint. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  42. ^ Nair, Vishwanath (21 January 2017). "PhonePe stops all UPI-based payments on Flipkart website". Mint. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  43. ^ "ICICI Bank resumes UPI transactions on PhonePe - The Economic Times". The Economic Times. Archived from the original on 25 December 2018. Retrieved 20 February 2017.
  44. ^ "Flipkart's PhonePe resolves issues with ICICI, claims 70x growth". Moneycontrol.com. Archived from the original on 22 February 2017. Retrieved 20 February 2017.
  45. ^ Abrar, Peerzada (4 February 2021). "PhonePe distributes ESOPs worth Rs 1,500 crore among all employees". Business Standard India. Archived from the original on 6 February 2023. Retrieved 29 March 2021.
  46. ^ "PhonePe conducts Rs 135-crore ESOP buyback". The Economic Times. Archived from the original on 6 February 2023. Retrieved 29 January 2022.
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