PhonePe to go global in a couple of months, says CEO Sameer Nigam

Walmart-owned fintech major PhonePe is planning to expand its presence in markets where the National Payments Corporation of India (NPCI) operates as an enabler, a senior executive from the company said on Tuesday. 

The Bengaluru-headquartered company is expected to announce its international plans over the next couple of months. 

Sameer Nigam, founder and chief executive officer (CEO), PhonePe, said fintech companies’ success in the Indian market makes it easier for them to expand their footprints abroad.

“This is going to be the year when PhonePe goes global. In the next couple of months, we will be launching in a few markets. It is something that we are the most excited about,” Nigam said at the India Digital Summit 2024. 

While the nature of the product lineup and the global markets are not known yet, the company said it is looking to expand in geographies where NPCI runs its operations. 

“PhonePe has taken UPI across India, and we plan to extend this to all geographies where NPCI plays the role of an enabler. We will be looking at expanding internationally this year.  We will share exact dates and locations closer to the launch,” PhonePe said in response to queries sent by Business Standard. 

“If you can succeed in the Indian market, where the consumer wants everything for free, and you can build for the Indian scale, it's much easier to go abroad. The quality of service that's demanded is very high in India,” Nigam explained.  

He reckoned that Indian fintechs will be able to scale up in foreign markets in the next decade.  

“I fancy my ecosystem partners to be able to scale out into other markets over the next 5 to 10 years in a substantial manner,” he added.