Page 26 - Banking Finance September 2020

PRESS RELEASE

PhonePe to digitize 25 Million small merchants across 5500 talukas

in India

PhonePe, India’s leading digital payments platform today announced that it will enable digital payments for over 25 million
small merchants across India in the next one year. The company will also onboard these kiranas on its PhonePe for Business
app, offering them end-to-end control of the payment process including instant payment confirmations, receipts and
reconciliations. It plans to reach 5,500 talukas via its merchant acquisition team that will lead to over 10,000 jobs being
created in semi urban and rural areas.
Despite the rapid penetration of digital payments, kiranas across India still rely on cash. Kirana owners have smartphones,
data and the aspiration to adopt newer technology, but there are no services that match their aspirations. Kiranas are
looking to acquire customers and forge deeper relationships with them. Customers on the other hand are looking for safety
and convenience, while continuing to access their local trusted neighbourhood merchant.
PhonePe with its multiple offerings is all set to bridge this gap. It offers its merchant partners a personalized store page on
the PhonePe app allowing them to list their store timings, share their product catalogue and promote home delivery options,
thereby reaching out to a much wider customer base. Customers have the convenience of discovering local stores in their
vicinity and connecting with the merchants using the call or chat feature to place their orders, and pay remotely via the
stores tab on the PhonePe app. PhonePe is bringing these offerings to merchants in semi-urban and rural areas to help
them digitize and grow their business.
Commenting on the announcement, Vivek Lohcheb, Vice President - Offline Business Development, PhonePe said, “Kiranas
and merchants across small villages and towns are striving to progress and prosper. We are really excited to partner with
them in this journey and take digital payments to the last mile of India across every village and town. This is also in line with
our brand ethos of ''Karte Ja. Badhte Ja'' which reflects the role played by PhonePe in India’s progress, helping bridge the
digital divide while empowering merchant partners across Bharat.”

Signzy Among the Top 2 Indian FinTechs to Qualify for Fintech100

Abu Dhabi, MENA's Leading FinTech Festival

Leading Indian RegTech startup Signzy today announced that it is among the Top 2 Indian FinTechs to qualify for Fintech100
Abu Dhabi, MENA's Leading FinTech Festival. The FinTech100 recognizes the most disruptive, emerging fintechs from
around the world and brings them to compete at FinTech Abu Dhabi on November 24th-26th this year.
Abu Dhabi Global Market, the Central Bank of the UAE, and Unbound are identifying and selecting an expanded cohort
of 100 of the world’s leading startup and scaleup talent in the financial technology space. The startups hail from categories
like Lending, RegTech, Blockchain, Capital Markets, Mortgage & Real Estate, Insurance, Personal Finance, Payments &
Billing, Wealth Management, and Money Transfer & Remittances.
Commenting on the India-level win, Arpit Ratan, co-founder of Signzy, says, "We are thrilled to be among the leading
startups selected for the FinTech100 Abu Dhabi 2020. We are confident that this event will open more opportunities to
one of the world's most important markets for us. Right from our inception, Signzy has aimed to address the compliance,
security, and regulatory requirements of the banking and financial services ecosystem. We are glad that our innovations
are being recognized at a global platform of this calibre, motivating us along the way."
For FinTech100 Abu Dhabi, startups are assessed on the scalability of the business model, the company's and its product
fit for socio-economic contribution to Abu Dhabi/UAE, company's services, or solution readiness for market deployment,
and the founding team's track record and qualifications.
Signzy works with over 90 financial institutions including banks, insurance firms, Asset Management Companies, and
NBFCs, including the largest banks like SBI, ICICI Bank, and more. Globally, Signzy has a strong partnership with Mastercard
and offices in New York and Dubai to serve customers in multiple geographies.

26 | 2020 | SEPTEMBER | BANKING FINANCE