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India's leadership in real-time payments could foster several billion-dollar fintech companies capable of serving global markets, a top Razorpay official said on Wednesday. While speaking during a session at Global Fintech Fest, Razorpay CEO Harshil Mathur cited the emergence of big tech from the US, like Google, Amazon and others, because of the country's leadership in the internet, saying that similarly, the fintech ecosystem in India can be leveraged by local companies to emerge as global majors. "We feel proud that 49 per cent of all real-time payments in the world are happening through India, and it's great. But I hope that other parts of the world capture a lot of the growth. "Real-time payments are going to create massive opportunity for Indian companies to go and capture their growth. I believe a lot of large multi-billion dollar companies could come out of India because they'll be able to capture their growth in other parts of the world," he said. Mathur said India has a .
Fintech major PhonePe on Tuesday said it has crossed 50 million lifetime registered merchants on its platform. The IPO-bound company noted its expansion from offering QR code-based payment solutions to providing a full-stack suite of financial tools, including working capital loans, Point-of-Sale (POS) terminals, and SmartSpeakers. "Reaching 50 million merchants is a significant milestone in our effort to make financial services more accessible to merchants across India. For many of our partners, the journey began with a simple QR code, but that relationship has since matured. Today, digital payments serve as a gateway to a wider range of formal services, including credit," Yuvraj Singh Shekhawat, Chief Business Officer, Merchant Business, PhonePe, said. Launched in 2016, PhonePe has over 65 crore registered users. The latest development comes as the company prepares for its initial public offering (IPO), having recently filed an updated draft red herring prospectus (UDRHP-I) with .