Fintech startup PhonePe unveils data repository of Indian digital payments trends
Fintech gianton Thursday launched an interactive data website called PhonePe Pulse, which captures trends and insights in the Indian digital payments ecosystem at large, and presents it in a way that is easy to understand.
The data has been extrapolated from nearly 20 billion transactions conducted on PhonePe's platform, which holds a 45 percent market share in India's digital payments infrastructure, and is indicative of the way the country is using fintech solutions, the company said.
The website, currently live, enables users to sort through data according to geography, devices people use to conduct transactions, and the average ticket size of transactions in a particular location, among several other things.
"Pulse is PhonePe's way of giving back to stakeholders such as the government, policymakers, industry analysts, academia, and startups," said Sameer Nigam, CEO and Founder of PhonePe, in a press event that launched the initiative.
Sameer Nigam (left), and Karthik Raghupatty (right)
Using Pulse, government bodies can truly gauge the levels of digital payments penetration in India. It can help influence important policy decisions, as well as help the world understand India's fintech rise, he added.
The Bengaluru-based company particularly hopes that the data inspire startups and entrepreneurs in the fintech space to chart out innovative solutions if they spot a gap.
"We want to help others build for India, and specifically for Bharat," Sameer said.
Apart from the website, which PhonePe said will be updated quarterly with new data, the startup also launched an extensive research report, available free on the PhonePe Pulse website. The annual report not only captures defining trends in the digital payments space, but also how digital payment adoption across the country has evolved since 2016.
"We want Pulse to become India's go-to destination for accurate and granular data on digital payments. It's a data enthusiasts' dream, especially since we've not filtered any data," Karthik Raghupathy, PhonePe's head of strategy and investor relations said.
A screenshot of PhonePe Pulse's interactive data website (Image credit: phonepe.com/pulse)
The insights on the website, as well as in the report, were compiled using PhonePe's transaction data and merchant and customer interviews, the startup said. All privacy and data protection checks were put in place before Pulse was opened to a larger audience, the company added.
"Data allows you to ask all sorts of questions, and then go and find those answers," Sameer quipped.
YourStory’s flagship startup-tech and leadership conference will return virtually for its 13th edition on October 25-30, 2021. Sign up for updates on TechSparks or to express your interest in partnerships and speaker opportunities here.
For more on TechSparks 2021, click here.
Applications are now open for Tech30 2021, a list of 30 most promising tech startups from India. Apply or nominate an early-stage startup to become a Tech30 2021 startup here.