Online Payment Methods in India: PhonePe

As the world changes, consumers in the world’s largest democracy need to have access to safe and reliable online transactions. Whilst there are several options available, PhonePe has emerged as a market leading digital wallet and online transaction solution.

What is PhonePE?

PhonePE is India’s premier mobile money transfer application. Using a digital wallet format, PhonePE allows users to move money quickly, safely and without the inconvenience of leaving home.

People have grown used to using the PhonePe to transfer money to family members or purchasing food and products from established brands. However, PhonePE is also useful keeping your betting apps topped up, allowing deposits up to ₹20,000 on many sites.

PhonePe was founded in 2015 by Sameer Nigam, a MBA graduate of the Wharton Business School. Nigram still serves as the company’s Chief Executive Officer, despite selling the business in 2016 to Flipkart, a subsidiary of Walmart.

PhonePE has quickly risen to become a trusted name in the market. The app was voted number one Finance App on both the Apple App Store and the Google Play Store for its debut year 2017.

In the same year, PhonePE hit one million transactions a day and became the largest driver of UPI transactions in India.

By 2019, PhonePE was facilitating over 2 billion transactions a day. The app won the ‘Best Mobile Payment Product or Service’ at the 9th IAMAI India Digital Awards. Additionally, PhonePe is now ranked amongst the top 10 most trusted Digital Brands in India by Brand Equity.

PhonePE

What are the available Online Payment Methods in India?

Several companies operate online payment methods in India, despite mobile payment systems being initially slow to build significant market share in the country.

Facebook’s telecommunications subsidiary, WhatsApp, began trialing mobile payments in 2018 but has found its attempts stymied by regulators. November 2020 saw permission granted for the company to progress with a trial project to 20 million users.

However, the big players are still PhonePe, Google Pay, Amazon Pay and Paytm. These companies allow customers to take advantage of online banking and mobile payment methods by using UPI India.

What is UPI India?

UPI India stands for Unified Payment Interface. It is an app allowing real time payment transfers between two accounts. UPI was built four years ago by a coalition of India’s largest banks, the National Payments Corporation of India (NPCI).

UPI has been wildly successful, allowing mobile payment methods to be safe, instantaneous and reliable. UPI transactions have now passed two billion transactions a month.

PhonePe emerges

Unsurprisingly, Google Play is traditionally one of the biggest players in India. By October 2020 PhonePe reported 835 million UPI transactions – 15 million more than their American rival.

With a market share of around 40%, PhonePe issued a statement declaring a “market leading position.”

PhonePe certainly finds itself in pole position at a positive time. Influential investment bank Credit Suisse predicts India’s mobile payments method market will touch $1 trillion by 2023.

Founder and CEO, Sameer Nigam issued his own statement.

“We are on a mission to make digital payments a way of life for every Indian citizen. Our next target is to cross 500 million registered users by Dec 2022.

In line with our brand ethos of ‘Karte Ja. Badhte Ja,’ (Hindi for keep working and growing) we continue to launch new and innovative products for every strata of Indian society.

(As well as) enable digital payment acceptance across every merchant in every village and town in India.”

What sort of betting sites can I use PhonePe on?

Although not all betting sites in India yet list PhonePe as one of their automatic deposit options, both 1XBet and 10Cric explicitly do.

However, many other bookmakers and betting sites will take PhonePe deposits. However, a user will need an existing account with them before making transactions like on any other account.

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