Democratizing payments and financial services for a billion+ Indians with PhonePe Qorus-Infosys Finacle Banking Innovation Awards 2024 - Winner

We are proud of the tech infrastructure we’ve built at PhonePe over the past few years. A key factor behind our success is the fact that our end-to-end success rate of transactions is higher than all our competitors today. We invest a great deal of time and effort in building highly sophisticated kill switch systems, risk and fraud systems as well as traffic routing systems.

To personalize user experiences on our platform, we use a combination of data-driven nudges and user preferences. We use data models to effectively predict what is the next best use case for a consumer that a user has not tried at present. As an example, a consumer may be using PhonePe for Recharge but may not have tried our electricity bill payment or credit card repayment feature. If our personalization feature has predicted a particular action for a user, our journey's platform will effectively communicate the same to the user at the right moment.

Additionally, PhonePe was also the first non-banking UPI app to be launched in August 2016: The conscious choice of building our payment app on NPCI’s UPI stack in 2016 when wallets were more popular, had a defining impact on the digital payments industry. We created a platform with the payments container approach to provide consumers with all payment options according to their preferences (UPI, Debit and Credit cards, and Wallets - both PhonePe and third-party wallets).

To help provide a one-stop solution to our users, apart from solving the core need for seamless money exchange, we are also simplifying the otherwise complicated world of insurance and other financial services products designed to help users manage and grow their money.

Additionally, the innovation of interoperable QR codes, made it extremely simple for merchants to seamlessly accept digital payments. This was a game-changer, as merchants just needed to display one single QR code at their storefront to accept digital payments through any UPI-enabled app and we were the first player to launch this feature. The offline merchant transactions on PhonePe have seen 75.3% growth in December 2023 YoY. For reliable & convenient payment tracking at stores, PhonePe has also launched SmartSpeakers in 2021 that provides payment notification in 11 languages with a presence across Bharat. This innovation, coupled with our consistent efforts to drive merchant acceptance across the country led to ubiquitous acceptance on the merchant side. Our merchant network grew to over 39 million, covering 99% of the postal codes in India. We also saw rapid adoption in tier 2 cities and beyond, especially post the pandemic.