Flipkart-owned, UPI-based digital payments player, PhonePe, has partnered with finTech player PayU, as part of which, PhonePe has become the first payments container to go live on the PayU platform. As part of this partnership, PhonePe will now appear as a payment option for PayU’s four lakh plus online merchants spread across their enterprise and SMB businesses.
PayU claims to be the market leader in the e-commerce and travel space covering nearly 60% of the airline business and 90% of the entire e-commerce in India. This partnership, PhonePe says, will further help it in growing their online merchant base and boost digital payments in India.
“We are extremely delighted to partner with PayU which has been a trusted payment gateway for online merchants across India. This partnership is another example of the value PhonePe places on growing the digital payment ecosystem. This partnership will also help us in significantly expanding our online merchant network. PayU and PhonePe also share a common vision of making UPI transactions ubiquitous in India, and this tie-up is a big step forward in that direction,” said Karthik Raghupathy, Head of Strategy and Planning at PhonePe said in a statement.
PhonePe is currently live at over 100 top online merchants in India and is rapidly expanding this number. Besides the Flipkart group companies, PhonePe is now live on Swiggy, Foodpanda, Faasos, Freshmenu, Box8, MakeMyTrip, Railyatri, Just Ticket, 1MG, Netmeds, Pharmeasy, etc.
On the partnership, Rahul Kothari, Chief Business Officer, Enterprise Business, PayU India, said, “Combined with the success rate of our payment gateway, which is the best in the industry today, our partnership with PhonePe will help our merchants grow their business by leaps and bounds. It is also aligned with our vision to simplify the payment experience for the growing digital savvy consumers as well as the merchants. We are committed to give our merchants and customers innovative payment solutions through our deep-rooted partnerships in the industry.”
PhonePe recently went live with the Ola, Redbus, Mumbai Metro and Goibibo micro-apps on their platform allowing other businesses and companies to build their own exclusive stores on the PhonePe app. This is part of PhonePe’s vision of being an open payments ecosystem, enabling businesses of all sizes to build and deploy apps on its platform with a unified login and payments experience for over 100 million users.