The fresh financial injection has pushed PhonePe’s raised cash to a total of $850 million in the current round.
PhonePe is built on the UPI (Unified Payment Interface) platform, which is supported by the government. What exactly is UPI? UPI is based on the IMPS (Immediate Payment Service) infrastructure and enables you to transfer money between any two bank accounts using unique identifiers such as a mobile number or VPA (a unique payment address) rather than account numbers or IFSC codes.
This makes sending and receiving money simple. Simply input a recipient’s cell number/VPA and quickly deposit funds into his/her bank account!
Around 30 major institutions, including the State Bank of India, HDFC Bank, ICICI Bank, Standard Chartered Bank, and others, have gone live on the UPI platform. When you connect your bank account to your PhonePe app, you just share (and verify) your mobile number and bank name, and UPI will receive the account data from your bank through a secure network.
You cannot add your bank account to the PhonePe app if it is not linked to UPI. However, reimbursements from Flipkart/Myntra may be deposited into your PhonePe wallet.
You may transfer and receive money immediately using a VPA (or Virtual Payment Address) with the PhonePe UPI app. This implies that you may transfer funds between any two bank accounts. You may also pay online and physical shops straight from your bank account.
The greatest thing is that you don’t have to provide credit or debit card information, a one-time password, your bank’s IFSC code, or any other information.
PhonePe has acquired an extra $100 million investment from General Atlantic in another round of successful investment fundraising.
General Atlantic’s total investment in the fintech platform now stands at $550 million. As part of its massive fund-raising effort, the business received another $100 million investment from the same entity last month.
The fresh financial injection has pushed PhonePe’s raised cash to a total of $850 million in the current round.
PhonePe, which was founded in 2015, has grown to become one of India’s top payment applications. It meets the needs of over 450 million registered users. According to the firm, one out of every four Indians currently uses PhonePe. In addition, the organization has successfully digitized 3.5 crores (35 million), of offline traders, in tier 2, 3, and 4 cities. The organization is also a major player in the Bharat Bill Pay System (BBPS), which handles more than 45% of all BPPS transactions.
