Tag: Indian fintech

TechPulse

10 Years of PhonePe: A Decade of Building for Bharat

Tanisha Cardozo

Written by Tanisha Cardozo || Team Allycaral

PhonePe recently marked a significant milestone, completing ten years in India’s fintech ecosystem and celebrating a decade of innovation, growth and impact. Since its inception, the company has played a pivotal role in transforming the way India transacts and manages money, steadily expanding financial access across urban and rural Bharat alike.

In 2025, PhonePe crossed a major milestone by surpassing 600 million registered users, reinforcing its position as a cornerstone of India’s digital economy. The year focused strongly on deepening trust and improving accessibility with the introduction of features such as UPI Circle, which enables delegated payments for trusted contacts, and PhonePe Protect, a robust security framework designed to safeguard users against fraudulent transactions.

Strengthening its support for merchants, PhonePe introduced Made-in-India solutions like the SmartSpeaker and SmartPOD, helping small and medium businesses embrace digital payments with ease. Through the Udyam Assist initiative, launched in partnership with SIDBI, PhonePe became one of the first institutions to enable digital-first integration for MSMEs, streamlining their access to formal credit and financial services.

For consumers, the platform expanded beyond payments by launching affordable protection products such as Home Insurance and Health Insurance, aimed at India’s “Missing Middle.” PhonePe also unlocked liquidity through innovative lending solutions, including Loan Against Mutual Funds, ensuring essential financial services are accessible to a wider population.

Reflecting on the journey, Sameer Nigam, Founder and CEO of PhonePe, said that despite how far the company has come, the most exciting part is that the summit is still not in sight. He highlighted the passion of the teams behind PhonePe and noted that the journey continues to be meaningful and energising as the company builds for the future.

Rahul Chari, Founder and CTO, expressed pride in what PhonePe has built over the past decade, acknowledging the goodwill and support received from the industry and the wider ecosystem. He emphasised that building something people truly believe in is what turns an idea into real impact.

Over the years, PhonePe has consistently redefined the Indian fintech landscape through industry-first innovations. From Digital Gold and Mutual Funds to making Insurance and Stock Broking accessible to the masses, the platform has evolved into a comprehensive financial ecosystem. Key milestones include the PhonePe Business app for merchants, Merchant Lending, Credit Line on UPI, Cross-Border UPI, UPI Lite, and the 2024 launch of the Indus Appstore, Share.Market and secured lending platforms.

By relocating its domicile to India in 2022 and steadily expanding into credit and wealth management, PhonePe has moved beyond being a payments utility to becoming an integral part of India’s financial fabric, ensuring that access to protection, investment and credit continues to reach every citizen as it builds for Bharat.

Finance

UPI Market Share in July 2025: PhonePe Leads the Digital Payments Race

Tanisha Cardozo

India’s UPI (Unified Payments Interface) ecosystem continues to grow rapidly, and July 2025 data shows a clear winner emerging in the digital payments race.

According to the latest numbers, PhonePe has secured a commanding 46.7% share of the UPI transaction volume, reaffirming its position as India’s leading payments app. Google Pay remains a strong contender at 36.2%, while Paytm trails at 7.1%. The remaining 10% is split among smaller players in the ecosystem, including banks’ own UPI apps and emerging fintech platforms.

📌 Key Highlights:

  • PhonePe leads the market with seamless integration and broad merchant support.
  • Google Pay remains a preferred choice for many due to its clean interface and strong brand trust.
  • Paytm continues to hold relevance but faces stiff competition from the top two players.
  • The “Others” category—at 10%—includes apps like Amazon Pay, BHIM, CRED, and banking apps.

India’s digital payment space is increasingly consolidated, with PhonePe and Google Pay collectively holding over 80% of the market. This duopoly reflects consumer preferences for reliability, cashback incentives, and a smooth user experience.

As UPI adoption deepens across tier-2 and tier-3 cities, players that innovate on ease of use and ecosystem integration will continue to thrive.

Business

India and Cyprus Sign MoU to Launch Unified Payments Interface (UPI) Services in Cyprus

allycaralgoa

New Delhi/Nicosia | June 2025 — In a landmark development aimed at enhancing digital connectivity and financial inclusion, India and Cyprus have signed a Memorandum of Understanding (MoU) to enable the introduction of India’s Unified Payments Interface (UPI) in Cyprus. This agreement marks another significant step in the global expansion of UPI and further deepens the growing bilateral partnership between the two countries.

A Digital Bridge Across Borders

The MoU was signed between India’s National Payments Corporation of India (NPCI) International and the Central Bank of Cyprus, with representatives from both governments present. This collaboration will allow Indian tourists, businesses, and residents in Cyprus to seamlessly access UPI-based mobile payment services. The initiative also opens up new avenues for Cypriot citizens and businesses to engage in fast, secure, and cost-effective digital transactions using a world-class payment infrastructure.

Key Benefits and Strategic Importance

  • 📲 Real-Time Payments: UPI enables instant money transfers between bank accounts using mobile apps, eliminating the need for complex banking details.
  • 🌐 Boost for Cross-Border Transactions: Indian travelers, students, and businesses in Cyprus can make payments without foreign transaction fees or delays.
  • 💼 Support for MSMEs & Tourism: Cyprus-based vendors and service providers gain access to a wider base of digital-first Indian consumers.
  • 🇮🇳🤝🇨🇾 Bilateral Cooperation: Strengthens India–Cyprus economic and technological relations, particularly in fintech innovation and digital governance.

UPI’s Expanding Global Footprint

India’s UPI platform has emerged as a global model for real-time payments. With this agreement, Cyprus joins a growing list of countries—including Singapore, UAE, France, and Sri Lanka—that have adopted or are integrating UPI into their domestic financial systems.

A senior official from NPCI International stated:

“The expansion of UPI to Cyprus reflects India’s commitment to building global digital public infrastructure and advancing inclusive financial ecosystems worldwide.”

Cyprus: A Strategic Gateway

Cyprus, a member of the European Union and a popular destination for Indian students and businesses, is poised to benefit from the seamless integration of UPI. The partnership also underscores the potential of using digital finance to enhance remittances, tourism services, and cross-border B2B payments between India and Europe.

Looking Ahead

With technical integration and regulatory groundwork now underway, UPI-based services are expected to be rolled out in Cyprus over the coming months. This collaboration not only enables frictionless payments but also sets the stage for future innovations in digital finance between India and the EU region.