IPO-bound PhonePe announces UPI payments on feature phones
Fintech firm PhonePe announced rollout of UPI-based payments for feature phones with the purchase of GSPay technology stack from conversational engagement platform Gupshup.GSPay is a mobile application built on top of UPI 123PAY , the UPI payment solution for feature phones by National Payments Corporation of India (NPCI). PhonePe said it will customise and extend the recently acquired GSPay IP and launch its own feature-phone based UPI payment mobile app on new feature phones in India, over the next few quarters.PhonePe will offer basic UPI features, such as P2P transfers, offline QR payments, and receiving money from other UPI customers to users' mobile numbers or self-QRs, to create full payment interoperability between feature phones and smartphones.'This (feature phones) segment of users has been historically underserved by the digital financial industry and the broader startup ecosystem. We hope we can enable crores of these feature phone customers to participate in India's burgeoning digital payments market," said Sameer Nigam, cofounder and chief executive of PhonePe.According to industry data, India had approximately 24 crore feature phone users in 2024, and 15 crore more feature phone shipments are expected over the next five years.The company has recently added Zarin Daruwala to it board of directors, where she joins CEO Nigam, Walmart chief financial officer John David Rainey, former revenue secretary Tarun Bajaj and others.Daruwala retired as the CEO of Standard Chartered Bank-India on March 31 after a nine-year-long stint. Before that, she managed the wholesale banking business of ICICI Bank as president of the vertical. In this capacity, she also served on the boards of key ICICI group companies, ICICI Lombard General Insurance, and ICICI Securities. In the past, she has been on the board of JSW Steel.PhonePe has started the process to list on the Indian exchanges by converting into a public company from a private entity in April 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
37 minutes ago
- Indian Express
India, South Korea resolve to set ‘new industrial ambition' in high-tech sectors
India and South Korea on Saturday resolved to expand their strategic partnership by setting new 'industrial ambition' in the areas of semiconductor, defence, clean energy, and artificial intelligence. Ways to ramp up the overall bilateral cooperation figured prominently in talks between External Affairs Minister S Jaishankar and his visiting South Korean counterpart, Cho Hyun. The Ministry of External Affairs (MEA) said Jaishankar and Hyun agreed to set new industrial ambitions, especially in high-tech sectors such as AI, semiconductors, clean energy, shipbuilding, and the defence industry. The ministers took stock of bilateral cooperation, including in the political, security, trade and economy, technological, and people-to-people domains, it said. In a social media post, Jaishankar said, 'Held productive discussions on advancing our bilateral cooperation in trade, manufacturing, maritime and people-to-people exchanges as well as new opportunities in AI, semiconductors, clean energy and defence.' Jaishankar said he and Hyun also exchanged perspectives on the Indo-Pacific region and contemporary global developments. 'Appreciated our deepening convergences and growing engagement as our Special Strategic Partnership completes 10 years,' he said. In his opening remarks at the meeting, Jaishankar also thanked Seoul for its condemnation of the April 22 Pahalgam terror attack. Jaishankar made a mention of Seoul's support to an Indian parliamentary delegation that visited South Korea in the aftermath of Operation Sindoor. 'You have been barely a month in the job (as the foreign minister), the fact that you are here literally a day after your National Day, and our National Day, says a lot really about the value we attach to the relationship,' Jaishankar said. The MEA said Jaishankar and Hyun reaffirmed the strong and growing 'special strategic partnership' between the two countries. The partnership is rooted in shared democratic values, mutual trust, shared economic interests, and commitment to regional and global peace and stability, it said.
Time of India
an hour ago
- Time of India
GHMC to implement flood mitigation measures in low-lying areas
Hyderabad: The Greater Hyderabad Municipal Corporation (GHMC) has invited agencies to prepare detailed project reports and draw up comprehensive plans to tackle the problem of inundation in low-lying areas of Ameerpet during the monsoon. The move comes days after chief minister A Revanth Reddy's assurance to residents of these areas that the govt would take urgent steps to address the issue. The civic body has invited agencies to conduct a rainfall intensity survey and study the discharge and sewerage networks in several colonies of Ameerpet. This includes the major drain running from Krishnakath Park to Buddhanagar via Madhuranagar, Harsha Mess, Maitrivanam, Aditya Trade Centre, Satyam Theatre and Gangubaibasthi. GHMC has asked agencies to utilise the latest national and international techniques for the effective completion of the works for the stormwater drain network to remove inundations during heavy rains. Consultant firms were told to prepare a detailed plan and cost estimates as per bid documents. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad | Gold Rates Today in Hyderabad | Silver Rates Today in Hyderabad "The city experienced unprecedented rains in October 2020. In order to prevent and mitigate the consequences of flooding in the future and minimise the damages to properties, a comprehensive stormwater drain network is needed. The works proposed to be taken up are of high priority, targeting primarily to permanently address the hardships experienced by the people in those localities. The focus will be on the prevention of encroachments on drains, followed by homes, businesses, and roads," said an official in GHMC's engineering wing. GIS mapping of stormwater drains In an effort to enhance urban flood management and improve stormwater infrastructure, the GHMC embarked on plans to implement a GIS-based survey and mapping of stormwater drains within its limits. The geomapping of stormwater drains entails the digital mapping of the entire stormwater drain network utilising GIS technology, based on high-accuracy base maps generated through drone surveys. The exercise will capture precise locations, dimensions, and connectivity data of all drain lines, culverts, and catch pits, linking them with geospatial coordinates. This data will contribute to the preparation of a comprehensive stormwater drain master plan. Visual maps generated through the project will be shared with communities to increase awareness of local drainage systems and encourage citizen participation in reporting issues, officials added. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Deccan Herald
2 hours ago
- Deccan Herald
When sambar met caviar
The Indian diaspora has become a lot more affluent, and they are seeking luxurious experiences, which include dining on exquisitely created and presented food from their home country.
