TelephonePe introduces an opportunity for Indian consumers to diversify their credit lines with the Unified payment interface (UPI) on its platform.
Buyers can now make payments on PhonePe via Credit line on UPIso they can shop at millions of merchants, PhonePe said in a press release on Thursday (August 22).
The function comes as Reserve Bank of India expands the Scope of UPI to include pre-approved credit lines that enable consumers to pay through UPI apps using credit from their bank, the press release said.
“This is the second offering to unlock the potential of credit usage on UPI, following the tremendous success of Rupay Credit Card on UPI”, Deep AgrawalHead of Payments at PhonePe, said in the press release. “We believe that digital payments are going from strength to strength in India and PhonePe is committed to offering its customers the most innovative and best-in-class solutions.”
In February, PhonePe announced the launch of a new AppStore which aims to boost app discovery in India. Indus App Store for Android devices offers Indian consumers access to over 200,000 mobile apps and games across 45 categories and is available in 12 Indian languages, reaching 95% of the country’s population.
In addition, the App Store allows app and game developers to use third-party payment gateways for in-app billing without have to pay a commission. Developers also get access to a self-publishing platform, localization services, tools to monitor and enhance their apps, and 24/7 customer support.
Walmartwhich holds a majority stake in PhonePe, said in June that the FinTech company was still years away from go public.
“This is something we are looking at in the next few years,” Walmart Executive Vice President for Corporate Affairs Daniel Bartlett said referring to PhonePe and the eCommerce company Flipkart.
“There are a lot of processes that need to be implemented before we go public,” Bartlett said of PhonePe.Apparently, The question of whether the Indian stock exchange should be traded in comparison to other stock exchanges will be “under consideration” for future listing.
