Nigam said that the fintech firm is aiming to reach 900 million people in the next 8-10 years
Walmart-owned digital payments firm is processing 1.5 billion transactions a month and now about 80 per cent of all these users are from tier-2 and beyond cities, said Sameer Nigam, founder, and chief executive officer at PhonePe.
“So, I know payments for a fact have started solving the financial inclusion problem,” said Nigam during a fireside chat with YourStory Founder Shradha Sharma at Converge@Walmart, the flagship event of Walmart Global Tech India, along with PhonePe founder and CTO Rahul Chari.
Every other category and sector including food tech and e-commerce started in the metros and then reached small towns and cities.
“We have about 20 million-odd merchants, 16 (million) of them are Tier-2 and beyond,” said Nigam. “So, where people had to travel more to pay their bills and were sending money to villages and small towns, all of that is happening on the phone.”
Four years ago, everything changed in India and it is called the Jio effect. Smartphones with cheap data have meant that all basic services have shifted to the phone.
In 2015, there were about 100-120 million people participating in the e-commerce economy which has grown. But payments are already about 3.5 times that in 5 years.
PhonePe has had support for 8-10 languages now for five years. Less than 15 percent of people choose another language. On the customer service side, more than 50 percent of people want to talk in their native language. Nigam said if people want to use the app in English but they want to talk in any other language in the country, that problem has to be solved.
No comments:
Post a Comment