Walmart-backed PhonePe has announced its entry into the local commerce arena with the introduction of its new consumer app, Pincode. The app has been built on the Open Network for Digital Commerce (ONDC) platform initiated by the Indian government. PhonePe Founder and CEO Sameer Nigam stated that the app would initially be available in Bangalore and then subsequently expanded to other cities once it has achieved transactions of around 10,000 per day.
Nigam also noted that the Pincode app would enable customers to interact with stores in a more streamlined and efficient manner. According to him, the company’s objective is to have around 100,000 transactions per day by December. This is the second consumer app from PhonePe in the past seven years. However, Nigam stated that the expectations of the customers are going to be different from the previous app.
The Pincode app will begin by piloting in Bangalore, offering various categories such as grocery, food, pharma, electronics, and home decor. Retailers available on the ONDC platform can join the app.
The introduction of the Pincode app will enable PhonePe to explore the vast potential of the local commerce market in India. The app aims to provide customers with a seamless experience while interacting with retailers. The use of the ONDC platform will allow PhonePe to take advantage of the government-supported infrastructure for digital commerce. This will further boost the app’s scalability and reach.
The app’s ability to cater to a wide range of product categories is expected to attract more retailers, thereby increasing its customer base. The Pincode app is also likely to provide a much-needed boost to small and medium-sized businesses in India, enabling them to reach out to a broader customer base through digital channels.
In conclusion, the launch of the Pincode app marks a significant milestone in PhonePe’s journey towards becoming a dominant player in the Indian digital commerce ecosystem. The app’s focus on local commerce and its integration with the ONDC platform is expected to provide a significant boost to the company’s growth trajectory in the coming years.
