The fintech company PhonePe Pvt., which is part of the Walmart ownership structure, announced the launch of a digital mobile apps store for consumers from India.
The mentioned virtual platform is highly likely to bring significant financial results to the fintech firm. India is currently one of the largest digital markets in the world. This means that in this South Asian country, there is what can be described as a space of opportunities for suppliers of various kinds of virtual products and other solutions related in one way or another to the corresponding area. India has a population of over 1.4 billion people. This fact is important in a commercial context, as it increases the probability of forming a customer base sufficient to achieve the goal of profitability. This statement is relevant for any business, including projects that are implemented exclusively in the digital space.
The new virtual store announced by PhonePe is called the Indus Appstore. This digital platform will function based on the Android operating system. PhonePe announced the launch of the virtual store on Wednesday, February 21. The company positions the digital platform as a competitor to the Google Play Store.
The virtual store will have more than 200,000 mobile apps and games in 12 Indian languages.
PhonePe is currently striving to become a beneficiary of the increased use of mobile devices. In this context, India is a promising territory. The local smartphone market is the second largest in the world. Obviously, this circumstance is a factor of positive impact on the prospects for the effectiveness of the functioning of digital platforms, including app stores, in the South Asian country.
PhonePe is also looking to establish partnerships with smartphone manufacturers. The company hopes that by the end of the current year, it will begin implementing cooperation with most major phone brands. The corresponding statement was made by the chief executive officer of PhonePe Sameer Nigam during a conversation with journalists in New Delhi.
Developers will not have to pay any fees for hosting their apps on the Indus Appstore until April 2025. Developers will also be able to use any third-party payment gateway of their choice. The relevant information is contained in the PhonePe press release. The company also runs a payment business that competes with Ant Group-backed Paytm and Google’s GPay.
As we have reported earlier, PhonePe Expands New Funding to $850 Million.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
