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PhonePe to go public as a separate entity by 2023

Monday 24 August 2020 13:01 CET | News

Walmart-owned digital payments platform PhonePe has been reportedly working to go public by 2023 as a separate entity in the US or India, reporting a valuation of USD 7 to USD 10 billion.

According to Inc42, PhonePe will finalise between India's or the US initial public offering (IPO), based on the market conditions. Moreover, a Morgan Stanley report published in 2019 highlighted that the company could be worth as much as USD 20 billion, while it was also stated that PhonePe might go by a separate business, as Flipkart plans to launch other payments verticals.

Overall, PhonePe has been looking to diversify its portfolio after the government’s zero MDR (merchant discount rate) rule that leaves very little revenue potential in UPI alone. 

Therefore, the company has partnered recently with Google Pay and the National Payments Corporation of India (NPCI) to offer recurring payment mandates to their users. The payment feature allows recurring payment mandates to be set by a UPI user by just authenticating the transaction through the UPI PIN.

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Keywords: PhonePe, Walmart, US, India, MDR, UPI, initial public offering, Google Pay, the National Payments Corporation of India, NPCI, recurring payments
Categories: Payments & Commerce | Mobile Payments
Countries: India
This article is part of category

Payments & Commerce