PhonePe is a mobile payments app that allows its clients to transfer money instantly to anyone using just their mobile phone number. The company claims to have over 270 million registered users and is accepted by more than 16 million stores
PhonePe was founded in December 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer. The legal entity behind the brand is PhonePe Private Limited.
The PhonePe app is available in over 11 Indian languages. Users can send and receive money, recharge mobile, DTH, data cards, make utility payments, pay at shops, invest in tax saving funds, liquid Funds, buy insurance contracts, mutual funds, and gold. PhonePe also allows users to book Ola rides, pay for Redbus tickets, and book flights and hotels on Goibibo through the Switch platform.
in 2016, the company was acquired by Flipkart, an Indian e-commerce giant. In June 2020, the company launched domestic multi-trip insurance to cover all risks associated with all travel modes within India at an affordable annual premium.
We rate the company on Green.