The Walmart-backed company launches its payment gateway to target small and medium-sized businesses (SMBs).
The digital payments app has now officially opened its payment gateway for small and medium businesses. Through this, PhonePe looks to grow into larger offline as well as online retailers. PhonePe believes that development comes from the app being able to manage extensive transactions.
While Paytm launched its gateway in 2012, this new launch puts PhonePe right next to Paytm along with Pine Labs that dominate the offline market. PhonePe also competes with the companies that dominate the online presence, Cashfree Payments and Razorpay.
For now, the services provided by this digital transaction app are free. This new feature includes services like stockbroking, account aggregation, finance, and wealth management. Apart from these, a new app namely, Pincode, was also released by the company. It is a shopping app built on ONDC. The RBI certification is awaited, after the payment aggregator services being preliminarily approved.