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SUMMARY

PhonePe has snapped up Gupshup’s GSPay in an undisclosed financial deal

GSPay is a technology which is built on NPCI’s UPI 123PAY

With this, PhonePe aims to launch its own UPI-based payment solution for feature phones

PhonePe has acquired conversational AI platform Gupshup’s proprietary technology GSPay to roll out UPI payments tailored for feature phone users.

PhonePe said in a statement that it aims to customise the freshly bought GSPay IP and launch its own UPI-based payment solution for feature phones. This, the company believes will bridge the fintech gap between feature phone users and smartphone users in India.

“….this segment (feature phone) of users have been historically underserved by the digital financial industry and the broader startup ecosystem,” said PhonePe cofounder and chief executive officer Sameer Nigam.

Gupshup launched GSPay in 2023. This technology offering uses SMS to enable a seamless payment experience on feature phones.

This technology is built on UPI 123PAY, a payment solution by National Payment Corporation of India (NPCI) to enable digital payments on feature phones.

This comes on the back of NPCI increasing the per transaction limit for UPI 123PAY to INR 10,000 from INR 5,000 in October last year.

PhonePe Expansion Spree Amid IPO Bells

Amid IPO talks, the fintech giant has been rapidly expanding its offerings horizontally as well as vertically. PhonePe recently turned into a public entity and onboarded four bankers –  Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley to helm its public listing in the country.

With all these preparations, PhonePe is shuffling its product line by introducing new features and offerings.

On the fintech side, PhonePe recently launched UPI Circle on its app, enabling primary users to manage payments on behalf of family members and trusted contacts. Besides, PhonePe continues to lead the UPI  app race every month, with nearly 50% of the market share in its pocket.

With this huge userbase in India, PhonePe’s IPO is much anticipated. 

Besides, PhonePe is not just ruling the fintech market, but also experimenting with quick commerce and its own appstore.

Launched in 2023, PhonePe’s Pincode is an ecommerce delivery platform operating in segments including groceries, apparel, food and technology. Pincode, which was initially operating on the Open Network for Digital Commerce (ONDC) platform, exited the network to build its own marketplace last year.

The offering rolled out 20-minute delivery options for its users to take on quick commerce giants. 

Recently, Pincode also rolled out 10-minute prescription-based medicine delivery by collaborating with pharmaceutical stores. The platform has recently started charging a handling fee of INR 9.

PhonePe is also bullish on promoting its app marketplace Indus Appstore with its recent partnership with Xiaomi India to replace the existing app store on its mobile phones.

On the financial front, PhonePe managed to trim down its consolidated net loss by 28% to INR 1,996 Cr in FY24 from the INR 2,795 Cr loss in the previous fiscal.

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