PhonePe makes transaction data transparent, launches PhonePe Pulse
For July this year, PhonePe clocked close to 1.5 billion transactions on its network worth Rs2.88 lakh crore, keeping intact its lead over Google Pay. Google Pay clocked almost 1.2 billion transactions on its network during the month
PremiumBENGALURU: Payments and financial services company, PhonePe, on Thursday announced the launch of PhonePe Pulse, an interactive geospatial website, which provides insights and granular data on digital payment trends in India.
At present, the data on the platform is from the PhonePe’s network, which currently owns 45% market share in India’s unified payments interface (UPI) landscape.
According to the company, the PhonePe Pulse platform showcases data from more than 2,000 crore transactions by digital payment consumers in India, starting 2018. It will be updating this data quarterly, and will open up platform application programming interfaces (APIs) to help developers build better products from data insights on the platform.
Through the platform, the company intends to allow policy makers and government officials to get a comprehensive view of India’s digital payments landscape, to help them better regulate the industry.
“PhonePe Pulse is a destination for accurate and granular data on digital payments, and we will make this data available to everyone including government agencies to help them identify how payment trends are evolving in the country. This project took PhonePe a lot of time to execute and we have put privacy right at the top," said Sameer Nigam, founder and chief executive officer, PhonePe while addressing the media.
“We would have been worried about interoperability if we had to worry about competition getting to know about our data. Over the last five years, we have successfully competed with the likes of Amazon and others. We hope that through this initiative even competitors feel the pressure to make their data transparent," added Nigam.
For July this year, PhonePe clocked close to 1.5 billion transactions on its network worth Rs2.88 lakh crore, keeping intact its lead over Google Pay. Google Pay clocked almost 1.2 billion transactions on its network during the month.
“We will make APIs for our PhonePe Pulse platform public. This will help the developer community solve for India's digital payments landscape, and help power their decisions on the products being built," said Rahul Chari, co-founder and chief technology officer (CTO) of PhonePe.
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