Phonepay Launched Pincode: The use of UPI apps for payment is increasing continuously. Most of the people in India use Paytm, Phone Pay, Google Pay etc. for payment. About 50 percent of the total transactions done through UPI are done through Phone Pay. Meanwhile, Phonepay has launched a new app called Pincode which is a part of ONGC. Let us tell you, Open Network Digital Commerce is an initiative started by the government where goods and services can be exchanged over digital or electronic networks. Means you can buy or sell salmon from any e-commerce website or platform from one place. Provided that website is also a part of ONDC.
At present, this new app has been started by the company in Bengaluru. Through this app, people will be able to order groceries, medicines and food items in the beginning. The company has said that it will gradually start this application in other cities as well and by the end of this year, the company aims to take 1 lakh orders every day.
Will compete with Paytm Mall
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At present, Phonepay works with Switch in the e-commerce segment and offers many services such as hotel, travel booking etc. to many important service customers. You can download Phonepay’s new app ‘Pincode’ from Google Play Store and Apple App Store. Pincode will compete with Paytm Mall, which is already a part of the ONDC platform.
Phonepay raised over $650 million in funding
The company had told earlier this year that it has raised $1 billion in funding from different investors including General Atlantic, Tiger Global and Walmart etc. Due to this fundraising, Phonepay became India’s most valuable fintech company whose valuation reached $12 billion.
