Latest News | PhonePe Acquires GSPay IP to Launch UPI Payments for New Feature Phones
Get latest articles and stories on Latest News at LatestLY. PhonePe on Friday said it has acquired the IP of GSPay -- a proprietary technology stack from conversational engagement platform Gupshup -- to enable UPI-based payments on new feature phones.
New Delhi, Jun 6 (PTI) PhonePe on Friday said it has acquired the IP of GSPay -- a proprietary technology stack from conversational engagement platform Gupshup -- to enable UPI-based payments on new feature phones.
The company in a statement said it plans to customise the stack and launch its own UPI payment app for new feature phones in India in the next few quarters.
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The new app will offer essential UPI features such as peer-to-peer transfers, offline QR payments, and receiving money via mobile numbers or self-QR codes.
Industry research indicates that there were over 24 crore feature phone users in India in 2024, and in the next five years, another 15 crore feature phone shipments are anticipated.
PhonePe CEO Sameer Nigam said the acquisition will help bring millions of feature phone users into the digital payments ecosystem, a segment largely underserved so far.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)