IES 2024: Wanted To Build Something For Every Indian At PhonePe - Sameer Nigam | The PhonePe Story

India Economic Summit : At the fourth distinguished edition of Republic Media Network's India Economic Summit , PhonePe Chief Executive Officer Sameer Nigam spoke at length about the journey of the company and shared its success story at Republic Media Headquarters. He emphasised repeatedly on the fact that he wanted to build something for every Indian. He highlighted that the idea was that he wanted everyone to get access to digital payments.

Digital Payments Acces For Everyone

"We wanted to build something for every Indian, something that every Indian will use," Nigam said at the Summit adding, "The idea here is that we want to make sure that no one is left behind. We want to make sure that everyone gets access to digital payment services. The length and breadth of the country today is using digital payments."

He further emphasised that "Everyone's progress should start getting liberalised. Everyone should have equal access to money and then services."

Trends In The Digital Payments Market

Sameer Nigam also noted that recently digital payments, lending, merchant payments and insurance policies being sold via UPI,  are verticals that have been growing, specifically for PhonePe. He added that if other Digital Payments Platforms' statics were to be taken into consideration that number would be higher.

He also noted that PhonePe has installed a magnanimous 1.2 crore plus QR codes as of today.

 

Is Regulation and Compliance Profitable?

Not only is being compliant to market norms profitable but it is also sustainable in the long run, said the PhonePe Chief. He added that "you can be well regulated, compliant and profitable."

"People think that if all your customers are coming from 'Bharat' and not from urban India you can't make money. We are proving otherwise," Nigam added.

PhonePe is an enterprise that was built out of India and for India. "Here we are sitting with a 'Devnagri' logo, building out of India, for India," while building customers and making profits, he said.