The app, which will focus on hyperlocal commerce, is downloadable from Google Play and App store. At present, it is only available in Bengaluru city and will soon be launched in other cities.
The development comes a few days after PhonePe’s ZestMoney acquisition deal fell through owing to lack of due diligence, disagreements over valuation, sustainability, and shareholding structure of the latter.
PhonePe’s Pincode app will connect consumers with their neighbourhood stores and looks to offer the convenience of online ordering, discounts, instant refunds and returns.
The neighbourhood stores, registered on the app, will sell products both from recognised brands and locally manufactured groceries, apparel, footwear, and accessories. As per PhonePe, the app will not only boost the local retailers, but also the entire local ecosystem, including MSMEs and farmers.
PhonePe’s officials said that they are very excited to launch Pincode. Pincode is a brand-new shopping app and offers a new approach to ecommerce, which puts all the local stores and sellers at the heart of the digital shopping growth story. Pincode is built on the ONDC network, which allows them to generate demand for merchants digitised by various seller platforms in an inclusive manner, while creating new opportunities for growth and driving innovation at scale.
Further, Pincode plans to digitally enable every Indian shopkeeper in the near future. The app also looks to attract small merchants to the ecosystem and aims to create sustainable employment opportunities.
Looking at the bouquet of services that PhonePe off PhonePe is following the footsteps of listed fintech giant Paytm. Like Paytm, PhonePe is offering a slew of services including hotel and travel booking, food and grocery delivery, online pharmacy, metro booking and other essential services. Besides this, PhonePe is also operating in the ecommerce segment via its app ‘Switch’.
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