Walmart-backed fintech giant PhonePe has announced a major e-commerce push, with plans to expand its services to include a range of new products and services.
Walmart-backed Fintech Giant PhonePe Makes E-Commerce Push
Walmart-backed fintech giant PhonePe has announced a major e-commerce push, with plans to expand its services to include a range of new products and services.
The move comes as the Indian fintech giant looks to capitalize on the growing demand for digital payments and e-commerce in the country. PhonePe, which is owned by Walmart, has been a major player in the Indian fintech space since its launch in 2016.
PhonePe’s new e-commerce push will include a range of new products and services, including a new online marketplace, a mobile wallet, and a range of payment options. The company is also planning to launch a new loyalty program, which will reward customers for using its services.
The company has also announced plans to expand its presence in the Indian market, with plans to open new offices in Delhi, Mumbai, and Bangalore.
PhonePe’s CEO Sameer Nigam said in a statement: “We are excited to launch our e-commerce platform and expand our presence in India. We believe that our platform will provide customers with a convenient and secure way to shop online. We are committed to providing our customers with the best possible experience and are confident that our new products and services will help us achieve this goal.”
The move comes as the Indian e-commerce market is set to grow significantly in the coming years. According to a report by the Boston Consulting Group, the Indian e-commerce market is expected to reach $200 billion by 2023.
PhonePe’s move is also part of a larger trend of fintech companies expanding into the e-commerce space. Other major players in the Indian fintech space, such as Paytm and Flipkart, have also made moves into the e-commerce space in recent years.
The move is also part of Walmart’s larger strategy to expand its presence in the Indian market. The retail giant has been investing heavily in the Indian market, with plans to open new stores and expand its e-commerce presence.
Sources: https://www.google.com/url?rct=j&sa=t&url=https://techcrunch.com/2023/04/04/walmart-backed-fintech-giant-phonepe-makes-e-commerce-push/&ct=ga&cd=CAIyGmJkYTg4Mzc4ZWQwMWM4ZDQ6Y29tOmVuOlVT&usg=AOvVaw11akrjCTutZFbYHheqVMM7
