Can my next ad be: please don’t install my app: PhonePe CEO
- BySheetal Sidhu | September 4, 2021
PhonePe founder and CEO Sameer Nigam never pulls his punches. So, it wasn’t surprising when he shot back, “Can my next ad be: please don’t install my app,” when we asked him how he would lower his market share to adhere to NPCI’s guidelines on market share.
The National Payments Corporation of India (NPCI), which operates digital payment rails such as UPI, IMPS, and BBPS, shared guidelines in March on how it plans to cap the market share volumes of payment apps at 30 percent. The move is aimed at providing opportunities to multiple players and to mitigate the systemic risks that could arise from a few dominating the space.
PhonePe dominates UPI transactions with a 46 percent market share. This has given the fintech the confidence to share data, insights, and trends on digital payments in the country through a website: PhonePe Pulse. The company says that with its market share, this data is representative of India’s digital payment habits.
In an interaction with Moneycontrol’s Chandra R Srikanth and Priyanka Iyer, PhonePe Founder and Chief Executive Officer (CEO) Sameer Nigam said that PhonePe as a business cannot deliberately reduce its share in a free market. Over a freewheeling conversation, Nigam outlined his plans to enter businesses such as AMC, as well as his plans for lending. Edited excerpts.
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