Home-grown e-commerce firm Flipkart’s payment app PhonePe is clocking about 100,000 transactions a day currently, valued at above Rs 1,000, Sameer Nigam, CEO of PhonePe told FE. Nigam said the payment wallet which is integrated with Unified Payments Interface (UPI) has seen 80 times growth in the past nine weeks.
“While I do not expect to maintain the momentum in growth, which is also largely because of demonetisation, with PhonePe being the only payment to be integrated with UPI, we do have the first mover advantage,” said Nigam.
The e-commerce company claims that PhonePe has crossed 10 million download on Google app store. The company further launched an iOS version of the Apple’s app store on Tuesday. Moreover, the payment wallet has also been integrated with Flipkart.
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“With the integration of the app with the e-commerce platform, a new customer can now under payment option select PhonePe, register and link bank account and pay for the goods on Flipkart,” explained Nigam. In its effort to ensure language does not act as a barrier while transaction, Flipkart has introduced nine regional languages. Nigam added that with PhonePe, users can also transfer money to peers apart from shopping on Flipkart. The e-commerce firm further plans to introduce the same system on other platforms including Myntra and Jabong.
However, with every Internet firm promoting its own wallet, right from Ola with Ola Money, Snapdeal with FreeCharge, amongst others, the question remains how many wallets a customer will use?
“These wallets will survive till such time it continues to receive money from venture capital firms, to further give away the investment in the form of cashback to consumers. While a wallet like PhonePe actually allows one to transact via phone without giving away the bank details, besides allowing peer-to-peer money transfer, making it relevant,” added Nigam.