entrepreneurship and innovations in technology and financial services

1. INNOVATION &
ENTREPRENEURSHIP
By-
1. Riya Singh
2. Shrashti Sahu
3. Shreya Chaturvedi
4. Tanisha Shrivastava

2. PhonePe is an Indian digital payments &
financial services company
headquartered in Banglore, India.
PhonePe was incorporated in December
2015 founded by Sameer Nigam, Rahul
Chari and Burzin Engineer. Founder
Sameer Nigam was appointed as the CEO
of the company
Introduction

3. In April 2016, the company was aquired by Flipkart, and
as a part of the Flipkart acquisition, the FX Mart license
was transferred to PhonePe and it was rebranded as
the PhonePe Wallet.
In August 2016, the company partnered with Yes Bank
to launch a UPI – Based mobile payment app, based on
the government – backed UPI platform
Innovation and Partnership

4. PhonePe is licensed by the RESERVE BANK OF INDIA for issuance &
operations of a semi closed prepaid payment system with Authorization
Number : 75/2014 dated 22 August 2014.
Within 3 months of launch, the app was downloaded by over 10 million
users. In 2018 , PhonePe also become the fastest Indian payment app to
get a 50 million badge on the Google play store. The PhonePe app
overtook BHIM to emerge as the market leader in UPI transactions in
August 2017.

5. Using PhonePe, users can send and receive money,
recharge mobile, DTH, data cards, make utility payments,
pay at shops, invest in tax saving funds, liquid Funds, buy
insurance and mutual funds and gold. In addition PhonePe
also allows users to book Ola rides, pay for Redbus tickets,
and book flights and hotels on Goibibo through the Switch
platform

6. PhonePe helps merchants to accept payments through all UPI-
based apps, debit and credit card, as well as wallet (Including third
party wallets) on the app.
In October 2017, PhonePe launched a low-cost POS device built in
India. The Bluetooth enabled POS device looks like a calculator
and works with AA batteries. The hardware uses Bluetooth
connectivity and enables payments through all the mobile devices
that can access the PhonePe app.
PhonePe partnered with Freecharge in January 2018. This
partnership enabled PhonePe users to link their existing
Freecharge wallets to the PhonePe app

7. In 2019, PhonePe launched tax-saving funds to help customers
minimize their tax burden by investing in equity-linked saving
schemes. In the same year, PhonePe also became the first payment
app to allow customers to make bids for Initial Public Offerings
through the UPI platform.
The company launched the PhonePe ATM in January 2020 The
PhonePe ATM allows neighbourhood Kirana Stores to dispense cash
in real-time to customers.

8.  In January 2020, PhonePe became the first digital payment platform in
India to launch international travel insurance.
 In February, PhonePe launched the chat feature on its app to enable its
users to have conversations.
 In May, PhonePe partnered with general insurers Bajaj Allianz and ICICI
Lombard to launch two separate coronavirus-specific insurance
products for covering hospitalization costs during the COVID-19
pandemic.
 In June, the company launched domestic multi-trip insurance.
 In July, the company formed a partnership with ICICI Lombard to launch
Hospital Daily Cash insurance that covers expenses incurred during
hospitalization due to injury or illnesses.

9. In September, PhonePe became one of the largest insure-tech distributors in
the country with over 5 lakh insurance policies sold on its platform
In October, the company ventured into motor insurance with the launch of
car and bike insurance policies.
In November, PhonePe is the largest digital platform for buying gold with a
35% market share.
In December, Flipkart partially hived off PhonePe into a separate entity in
order to access dedicated capital. As a part of this hive-off, PhonePe secured
USD $700 million in primary capital at a post-money valuation of USD $5.5
billion from existing investors of Flipkart led by Walmart.

10. STRENGTHS
Quick and easy recharge- You can recharge your mobile, DTH,
Data Card, etc. on Phonepe App with a few clicks. No need to go
outside for a recharge. You can do it at your home anytime at
your convenience 24X7.
Hassle-free payment to merchant- Phonepe’s main feature is
hassle-free payment. Just tap on Phonepe app on your mobile,
scan the QR code and pay directly into the merchant’s account.
Within few second, the process will be completed and you will get
the confirmation message.

11. Easy bill payment with Autopay- Phonepe app is giving the
facility of autopay of your dues. Once autopay is enabled, the
bill amount is automatically paid on the scheduled date. A SMS
notification is sent two days before the payment with an option
to revoke it.
Single app for many services- Phonepe app is a single app
which is providing different other services in its platform as well.
Through the SWITCH option, you can access your favorite app
and services with just a few clicks

12. CHALLENGES
Legal- On 14 January 2017, ICICI Bank blocked PhonePe
transactions, citing the reasons that it did not meet the NPCI
guidelines. Initially, on 19 January 2017, NPCI instructed ICICI to
allow UPI transactions via PhonePe. During this period, Airtel too
blocked PhonePe transactions on its platforms. A day later, on 20
January 2017, NPCI renounced the previous instructions citing the
reason that PhonePe indeed violated the UPI norms

13. Lack of Workflow Standardization- With a rapidly
increasing customer base, the client was finding it difficult keeping
track. Workflow standardization was the need of the hour, to make
processes measure-able, devise indices, track them, draw
comparisons and learn from them.
No Standard Process for Customer Visits- Used for the
purposes of onboarding, audits and servicing, field sales and service
teams were not reporting back in prescribed formats. Thereby, there
was no visibility into their field activities and no performance
measurement mechanisms.
No Offline Availability- Not being able to collect data due to
bad Connectivity issues causing information delays and problems to
the mobile workforce.

14. Conclusion
PhonePe is accepted as a payment option at over 17.5 million offline
and online merchant outlets across 500 cities in India covering food,
travel, groceries, medicines, movie tickets etc The app crossed 100
million user mark in June 2018 and also crossed 5 billion transactions
in December 2019 It currently has over 280 million users.

15. THANKYOU