3 days ago
IPO-bound PhonePe announces UPI payments on feature phones
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Fintech firm PhonePe announced rollout of UPI-based payments for feature phones with the purchase of GSPay technology stack from conversational engagement platform 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 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 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 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 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 has started the process to list on the Indian exchanges by converting into a public company from a private entity in April 2025.
