Tag: PhonePe

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Beyond

PhonePe lets users pay via fingerprint or face ID

PhonePe has introduced a new biometric UPI payment feature, allowing users to complete transactions using their smartphone’s fingerprint scanner or facial recognition instead of entering a UPI PIN. The move aims to make digital payments quicker, safer, and more convenient for everyday transactions.

With this update, users can authorise payments up to ₹5,000 simply by verifying their identity through biometrics. For transactions above this limit, the traditional UPI PIN will still be required, ensuring additional security for higher‑value payments.

The new feature addresses common issues in daily digital transactions, such as mistyped PINs or delays when entering PINs in crowded or busy places. Biometric verification also reduces the risk of PIN exposure, enhancing security in public settings.

Currently, the feature is available for Android users whose devices support fingerprint or face recognition. PhonePe plans to roll out the service for iOS users soon. To enable biometric payments, users need to go to Profile → Manage Payments → Biometric Pay in the PhonePe app and complete a one‑time setup with their UPI PIN and biometric verification.

According to PhonePe officials, the feature combines convenience and security, making small-value transactions faster while retaining safety protocols. In cases where biometric authentication fails, such as poor lighting or sensor issues, users can always revert to entering their UPI PIN manually.

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Categories
Corporate

SEBI clears PhonePe IPO plan

Digital payments major PhonePe has taken a key step towards going public after receiving approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The regulatory clearance clears the way for the Walmart-backed company to file an updated Draft Red Herring Prospectus (DRHP) in the coming weeks.

PhonePe had earlier submitted its IPO papers to SEBI through the confidential filing route, which allows companies to fine-tune their plans away from public scrutiny. With SEBI’s go-ahead now in place, the company is preparing to move to the next stage of the listing process.

According to people familiar with the matter, PhonePe’s IPO is expected to be structured largely as an Offer For Sale (OFS). This means existing shareholders, including its parent company Walmart and other early investors, are likely to sell part of their holdings. The proceeds from the issue would primarily go to these shareholders rather than into the company’s balance sheet.

Market estimates suggest the IPO could raise around ₹12,000 crore, potentially valuing PhonePe at close to $15 billion, higher than its previous private funding valuation. The final size and timing of the issue, however, will depend on market conditions and investor appetite.

The SEBI approval comes at a time when investor interest in profitable and large-scale digital businesses is gradually returning. A successful PhonePe listing could become one of the biggest fintech IPOs in India and may encourage other consumer internet companies to tap the public markets.

Founded in 2015, PhonePe has grown into one of India’s most widely used digital payments platforms. It is a market leader in UPI transactions, accounting for a large share of daily digital payments across the country. Beyond payments, the company has expanded into insurance distribution, mutual funds, lending, and wealth management, positioning itself as a broad financial services platform.

While no official listing date has been announced, industry watchers expect PhonePe to target a market debut later this year, subject to regulatory filings and stable market conditions.

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Categories
Technology

PhonePe brings ChatGPT into UPI payments

PhonePe has joined hands with OpenAI to bring ChatGPT directly into its app to offer AI-powered assistance into routine digital payments.

Users will be able to get help with tasks like travel planning, product searches, and comparing options without leaving the app. Rather than offering a full ChatGPT interface, PhonePe will weave specific AI tools that guide users during specific actions like for travel planning, shopping and general informative discovery.

With this, PhonePe became one of the first major UPI platforms in India to embed a conversational AI assistant within its consumer-facing services. The company plans to introduce these tools across both its consumer and merchant apps.

According to OpenAI, the collaboration aligns with its broader goal of expanding AI access throughout India. Oliver Jay, OpenAI’s Head of International, has highlighted that India is seeing rapid adoption of AI tools, and PhonePe’s extensive user base makes it a strategic partner for bringing these technologies to the mainstream.

The integration is especially focused on payment-related decisions. OpenAI will be available through the Indus Appstore. Users can ask for budget travel ideas, merchant details, or service comparisons before completing a UPI transaction, and the AI will offer relevant suggestions.

This partnership comes amid a string of OpenAI initiatives in India. The company recently opened its first local office in Mumbai and announced plans for a large-scale, 1GW data centre backed by an investment commitment of around Rs 20,000 crore. It has also worked with Razorpay and the National Payments Corporation of India (NPCI) on pilots that test AI-assisted UPI payments, enabling conversational interactions for completing transactions.

To encourage broader adoption, OpenAI is offering Indian users complimentary access to ChatGPT Go for 12 months. The company expects that early exposure to its AI tools will lead more users to explore advanced features and potentially transition to paid plans.

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