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.
PhonePe is the largest player on India's real-time payments system Unified Payments Interface (UPI). It reversed its listing from Singapore to India in 2022
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PhonePe's UPI market share slipped to 46.73 per cent in April amid a 2.22 per cent dip in total transactions on the real-time payments network
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'Primary user' of a UPI account can add trusted individuals to their circle by using UPI ID or QR code & authorise payments for them from anywhere
Users reported failed payments and problems with fund transfers as the most common issues
The move comes at a time when other players, including PhonePe, Cashfree Payments, and Razorpay, made similar moves nearly two months ago
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The company claims to have a base of over 40 million merchants. It processes over 330 million transactions daily and has recorded an annualized total payment value of over Rs 150 trillion