PhonePe, the leading mobile payments app in India, has set its sights on the e-commerce sector with the launch of its hyperlocal commerce app, Pincode. This move is reminiscent of PhonePe’s successful early bet on the government-backed UPI network seven years ago.
Powered by the Open Network for Digital Commerce (ONDC), an Indian government initiative, Pincode aims to democratize the e-commerce landscape by offering a zero-commission platform. The app will work with local shops and is set to go live initially in Bengaluru, with plans to slowly expand to more cities.
PhonePe, the leading mobile payments app in India, has set its sights on the e-commerce sector with the launch of its hyperlocal commerce app, Pincode. This move is reminiscent of PhonePe’s successful early bet on the government-backed UPI network seven years ago.
PhonePe executives shared their plans for the new app at a press conference on Tuesday, stating their goal to amass 100,000 orders a day by the end of the year. Pincode’s launch is backed by retail giant Walmart, General Atlantic, and Tiger Global.
This strategic move by PhonePe has the potential to disrupt the e-commerce sector in India, which is currently dominated by giants like Amazon and Flipkart. By partnering with local shops, Pincode can offer unique and personalized shopping experiences to customers, while also supporting small businesses.
PhonePe’s success in the mobile payments sector has positioned them well to expand into e-commerce. With the backing of Walmart and other major investors, the company has the resources to make a significant impact in the Indian e-commerce market.
In conclusion, PhonePe’s launch of its hyperlocal commerce app, Pincode, is a bold move into the e-commerce sector in India. With the support of major investors and a strong track record in the mobile payments sector, PhonePe has the potential to disrupt the e-commerce landscape and offer new opportunities for local businesses.
