 "PhonePe acquires GSPay IP to launch UPI payments for new feature phones")
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PhonePe on Friday said it has acquired the IP of GSPay -- a proprietary technology stack from conversational engagement platform Gupshup -- to enable UPI-based payments on new feature phones.
The company in a statement said it plans to customise the stack and launch its own UPI payment app for new feature phones in India in the next few quarters.
The new app will offer essential UPI features such as peer-to-peer transfers, offline QR payments, and receiving money via mobile numbers or self-QR codes.
Industry research indicates that there were over 24 crore feature phone users in India in 2024, and in the next five years, another 15 crore feature phone shipments are anticipated.
PhonePe CEO Sameer Nigam said the acquisition will help bring millions of feature phone users into the digital payments ecosystem, a segment largely underserved so far.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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