Sameer Nigam Curated
CEO & Founder, PhonePe
CURATED BY :
Your transaction value still remains high as compared to some of your peers. So in terms of the payments market size and you’re your transaction size , where do you put yourself and will smaller transactions be something that will be out of the window going forward ?
No. Interesting for us the smaller transactions will be at a bit of a lag, so unlike wallet players, where transaction goes up the value chain, we started with UPI, where there was unmet need of large transactions from bank to bank. So, transaction size or ticket size is little more than Rs 2,000. We did about 60 million transactions last month, about 2 million a day, which is what adds up basically for us. As we expand on the offline side, we expect the average ticket size to be going down. I think there are certain acceptance gaps there and UPI acceptance in the offline is very very low right now.
Now that you have spoken of international markets, are you looking at any timeline for this. I’m sure you would be eager to take this to the us market ?
Realistically, the Indian market is so exciting and so nascent right now. If you ask me realistically, I can't even think of going abroad for the next three-five years at least. This market is very very young. Until demonetisation, digital payments was not even on the minds of the most Indian consumers. Having said that, Unified Payments Interface (UPI) has only 50 million users right now, wallets is about 150–200 million people, whereas, internet penetration has already reached half a billion people, which means that digital payments is at a lag, which means that either there is a product – market mismatch, which us as an industry collectively need to solve for or there is some other sort of Phillip that the industry needs. Right now, squarely focus is on making payments in India very very easy, and adding tons and tons of used case in the app itself for Indian consumer now.
Walmart’s management has been pretty bullish on all the Flipkart companies after the acquisition. What are the synergies that you are expecting for PhonePe from this acquisition ?
I think there are synergies at multiple levels. Walmart is obviously a global retail juggernaut. They also have a lot of understanding of the merchant needs and consumer needs offline. So, we are hoping to get a lot of learnings from them on how the offline ecosystem needs to be opened up in India as well. I think there will be information sharing that will happen there. I think the stability that Walmart would bring in as a long term strategic investor in PhonePe, also gives us the ability to sort of take our time and plan out our product road map. And that like, I mentioned the prospect of going international at some point of time also opens up.
Sameer, now being a Walmart company, what has changed for you in the last few days ?
Nothing at all. It’s great to have them as a strategic investor, but besides sort of grandparent level company, nothing has changed for us operationally.
Where is the capital being employed on PhonePe for new features ?
What kind of infusion came into PhonePe from Walmart ?
What it's like to have Walmart in the corner of the wing ?
Is there any integration between Flipcart and PhonePe ?
How PhonePe has been evolved ?
It's said that every consumer tech company will eventually become a lending company. Where is PhonePe on that journey ?
How you look forward for a PhonePe app to be ?
What is the vision of PhonePe ?
Will you please give us the quick run through on PhonePe's number of monthly active users, UPI transaction, offline merchants ?
How you started with PhonePe ?
What does success mean to you ?
What does failure mean to you ?
You really believe in equal world that men & women are equal. Are you doing something to ensure more women participating ?
What's the most exciting part of what you do ?
Besides the financial bandwidth that comes with Walmart. Do you think some kind of more things playing out with that ?
It requires huge amount to acquire customers. How do you see that ?
It's said that banks hold the customer & their trust also, how do you see that ?
What are some financial services that you are providing and planning for ?
How you are making monetization ?
Will you tell us about the role of data in what you are building & how machine learning is helping ?
You bring the sensibility product thinking. Do you think that also brings different kind of mind set within company?
What is the thing that sets PhonePe apart ?
Possibilities of different things you can do is so high. How you are thinking about that ?
What is the genesis of PhonePe ?