PhonePe’s Share.Market Introduces Futures & Options Segment with focus on Intelligence

Telugu super news,National,April 18,2024: Share.Market, a PhonePe product, today announced the launch of its Futures and Options (F&O) segment. This addition marks a significant milestone in the platform’s mission to empower traders with comprehensive trading tools and resources which will facilitate an enhanced trading experience with a dedicated focus on the Intelligence layer.

Within seven months of the launch of the business, total Share.Market lifetime customers are over 1.55M with over 1.4M monthly active MF SIP transactions. In addition, Share.Market has been able to provide access to Intelligence to over 75,000+ users (daily app engagement) with 1.5L demat accounts. 

The introduction of F&O capabilities on Share.Market enhances the platform’s offerings, with a comprehensive Option chain analysis to track Options. Futures and Options contracts across various Indices and Stocks play a role in Investor and Trader journey to manage risk, hedge positions, and enhance the overall return profile through efficient portfolio management.  To bring more Intelligence, trader focused data points around greeks and strategy building with effective money management will be rolled out. 

Key features of the F&O offering include:

  1. Robust Trading Interface: A user-friendly interface designed to streamline the trading process, enabling Traders to execute F&O trades with ease and efficiency. Effective risk management capabilities around tracking and managing orders includes optimal capital allocation and timely exits. 
  2. Evolving Intelligence layer: Enhanced Option Chain with Max Pain, Put Call Ratio (PCR) and easy visualization of Open Interest (OI) change, together with charting capabilities of individual Future and Option instruments has been launched. Many more features around hedging, mechanics for strategy selection, building blocks behind strategy execution and management are all in the pipeline.  
  3. Leveraging Pledge for Margin Trading: For seasoned traders, there is an option of getting collateral margin through pledging of existing holdings. 
  4. Educational resources: Along with an Intelligence layer on the platform, augmenting with access to educational resources, tutorials, and webinars to help traders deepen their understanding of F&O trading strategies and concepts.

Talking about the launch of F&O, Ujjwal Jain, CEO, Share.Market said, “As Investors and Traders empower themselves to Invest and Trade better, Share.Market has been able to take the ambitious steps to elevate Discount Broking powered by Intelligence.” He further added, “With the launch of Futures and Options trading to our platform, we are further expanding our suite of offerings. This addition will further strengthen our efforts to empower investors and traders with the tools and resources they need to navigate today’s dynamic financial markets.”

The launch of the F&O feature underscores Share.Market’s dedication to innovation and customer-centricity. By continuously enhancing its platform with new features and capabilities, Share.Market remains at the forefront of the industry, catering to the evolving needs of investors and traders.

Launched in August end 2023, Share.Market elevates discount broking by providing market intelligence, quantitative research-based WealthBaskets, a scalable technology platform, and a great customer experience for investors and traders alike. It provides a wide spectrum of investment products allowing investors across different demographics to build a well-rounded and balanced portfolio. Share.Market offers stocks (intraday and delivery), Exchange-Traded Funds (ETFs), Mutual Funds, and WealthBaskets. 

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Singapore Tourism Board (STB) and PhonePe enter a two-year strategic partnership to promote UPI payments for Indian visitors in Singapore

Telugu super news,National, April 8th,2024: The Singapore Tourism Board (STB) and PhonePe have entered a two-year Memorandum of Understanding (MoU). At a signing ceremony held on the morning of Wednesday, April 3rd, STB’s Chief Executive, Melissa Ow, and Ritesh Pai, Chief Executive Officer,  International Payments Business for PhonePe , formally signed the MoU. This collaboration builds upon the existing Unified Payments Interface (UPI) linkage between India and Singapore, which allows customers to instantly make cross border transaction between the two countries directly from their existing Indian bank accounts.

As part of the partnership, STB and PhonePe will invest in joint marketing efforts across India and Singapore, to promote the destination’s vibrant offerings and seamless UPI experiences across key tourism hotspots.

This strategic milestone – the first of its kind between a destination and a UPI payments platform – underscores the shared commitment of STB and PhonePe to add value to the overall experience of travellers exploring the vibrant city of Singapore by making it possible for them to use familiar services like UPI payments during their stay. As one of the most vibrant urban destinations in the region, Singapore is well known for its iconic landmarks and rich heritage precincts, each with its own charm. With a host of extraordinary retail, culinary, and adventure hot spots that await every traveller, this move will further unlock seamless exploration of Singapore’s diverse attractions and offerings that has attracted Indian travellers.

Melissa Ow, Chief Executive, Singapore Tourism Board, said: “We are excited to announce our alliance with PhonePe, a leading Fintech player in India. This partnership exemplifies our dedication to enhancing the Singapore visitor experience for discerning, tech-savvy consumers. By seamlessly integrating Singapore’s exceptional offerings into the digital realm, our goal is to streamline payments across the traveller’s experience and promote curated deals, from attractions and retail to dining and nightlife. This initiative reflects STB’s commitment to innovation and customer-centricity in the travel industry.”

Ritesh Pai, Chief Executive Officer, PhonePe, International Business for PhonePe Private Limited, said: “Singapore is a dynamic destination with unique offerings that are well appreciated and celebrated among Indian travellers. Partnering with STB will facilitate ease of transactions for PhonePe users who now can just pay directly from their existing bank account by scanning a QR code when visiting the island-city.”

PhonePe Partners with Star Health Insurance to Offer Insurance with Monthly Payment Options

Telugu super news, National, April 32024: PhonePe today announced a partnership with Star Health and Allied Insurance Company Ltd. (Star Health Insurance), India’s largest retail health insurance Company, to offer customers health insurance with a monthly and annual payment option. With this partnership, PhonePe users will now be able to avail of ‘Star Comprehensive Insurance Policy’ on the PhonePe app with coverage up to Rs.1 Crore. Having previously disrupted the market with its motor insurance products, with this launch, PhonePe further expands the options available to its users in the health insurance category.

Through this partnership, for the first time, Star Health Insurance’s Comprehensive Health Insurance will be offered to customers with a monthly premium payment plan, pioneered by PhonePe – a first-of-its-kind initiative in the industry. Users can also opt to pay their premium with the UPI AutoPay mandate and enjoy added convenience. This move was driven by a critical insight that smaller monthly payments ease the financial burden for users while empowering and enabling them to opt for more extensive insurance coverage without stretching their finances.

Star Comprehensive Insurance Policy is a power-packed insurance plan with benefits including the most popular OPD and maternity coverage. Market research conducted with PhonePe’s user base indicates that these two features were the most preferred by customers while buying health insurance. Star Comprehensive Health Insurance Policy is an end-to-end health insurance policy with sum insured available up to Rs.1 crore. The policy covers road ambulance and air ambulance expenses, out-patient medical consultation up to the limits, out-patient coverage for dental and Ophthalmic treatment, delivery expenses, organ donor expenses, provides coverage for newborn babies, including any congenital disorders, from day one of birth and vaccination expenses of the new born until the baby completes one year. Mental well-being is covered up to the sum insured. The policy does not impose sub-limits for day care procedures. Accidental death and permanent total disablement is covered up to 1 crore.

Star Comprehensive Health Insurance Policy also offers wellness programmes that provide discounts on premiums and condition management programmes. Furthermore, the policy provides an annual health check-up, automatic restoration of the sum insured up to 100%, and a cumulative bonus, payable up to 100% of the basic sum insured.

Speaking on the partnership, Vishal Gupta, CEO of PhonePe Insurance said “PhonePe is excited about this partnership with Star Health. Star’s differentiated benefits combined with PhonePe’s distribution, customer centric approach and simple DIY journeys will help turbocharge insurance adoption and penetration in the country. We are on a mission to help turn India from an underinsured nation to one that is adequately insured and view this partnership with Star as a crucial milestone in this journey.”

Speaking on the partnership, Anand Roy, MD and CEO of Star Health Insurance, said, “We are excited to partner with PhonePe and offer health insurance targeted at Gen Z and Millennials since people in that group are digital natives. The partnership between Star Health Insurance and PhonePe will provide consumers with a hassle-free payment option that is light on the pocket and at the same time meets their wellness needs. Today, health insurance has become a necessity. Given the high medical inflation in the country, it has become crucial to have an all-inclusive health cover that can protect at every stage of an individual’s life. At Star, we believe in keeping our customers healthy, and towards that end, customers buying our policies will not just get insurance but will also have access to free teleconsultations, homecare, and nutritionists, among other services. We look forward to expanding our digital reach through this partnership.”

Users can purchase the policy via the PhonePe app by clicking on the Health Insurance option, selecting the members to be insured, the desired sum to be insured and the payment tenure. Here, they can choose either monthly EMIs or annual payments and then select the  policy of their choice. Once they opt for the policy, the customer’s have to fill in their details, such as name, age, and gender, followed by the health history of all members to be insured. This will be followed by a regulator mandated Know Your Customer (KYC) form and declarations, once the payment is completed.

Star Health, in association with PhonePe, plans to roll out more such innovative offerings across its indemnity and benefit products.

PhonePe Users Can Now Make UPI Payments in UAE via NEOPAY Terminals

Telugu super news,National, March 28, 2024: PhonePe App users traveling to the UAE can now make payments using UPI at Mashreq’s NEOPAY terminals, available across a wide array of retail stores, dining outlets, as well as tourist and leisure attractions. They simply need to scan the QR code for seamless and rapid payments. These transactions are facilitated by the Unified Payments Interface (UPI). The account debit will occur in INR, showing the currency exchange rate. 

Additionally, NRIs with UAE mobile numbers can also download the PhonePe App and link their existing NRE and NRO accounts to facilitate payments. This aims to enhance the ease and convenience of transactions for the Indian diaspora in the UAE. 

This collaboration is facilitated through Mashreq’s partnership with NPCI International Payments Limited (NIPL). Through this partnership, Mashreq has enabled NEOPAY terminals to accept UPI apps as a payment instrument, thus allowing Indian travelers to conveniently use UPI for transactions.

This strategic alliance combines PhonePe’s cutting-edge technology with Mashreq’s commitment to incorporate best-in-class tech and innovation in their operations. It will play a vital role in providing a superlative customer experience at NEOPAY terminals.  

Speaking on the partnership Ritesh Pai, CEO International PaymentsPhonePe said, “We are thrilled to announce our partnership with Mashreq. UAE is a very popular destination, with millions of Indian visitors every year. With this partnership, customers can now conveniently transact through UPI, a payment method they are familiar with. Enabling digital payments not only reflects PhonePe’s commitment to convenience but also embraces the evolving needs of today’s travelers. This collaboration opens doors to seamless transactions, ensuring a smoother and more enjoyable journey for visitors.”

Vibhor Mundhada, CEO of NEOPAY at Mashreq added, “We are delighted to collaborate with PhonePe to offer yet another new payment solution for Indian tourists and visitors in the UAE, helping further cement the already strong financial relations between the two countries. This latest launch underscores our commitment to incorporating innovation and technology into our operations, and to providing the solutions and experiences our customers want and need.” 

Anubhav Sharma, Deputy Chief – Partnership Business Development & Marketing, NIPL said, “We aim to actively collaborate with financial institutions around the world, fostering partnerships to deliver convenient and secure cross-border payment solutions for consumers. This partnership encourages fintech collaboration and unifies the ecosystem to streamline payment processes for Indian travelers to UAE.” 

In addition to facilitating travel and local transactions, PhonePe will also introduce inward remittance services once the corridor for inward remittances is enabled. This will simplify the process of transferring money by leveraging the UPI infrastructure, thereby eliminating the need for details such as bank account numbers and IFSC codes. 

“Namaste Guru Garu, Nenu Mahesh Babu”: PhonePe SmartSpeakers rope in actor Mahesh Babu for its celebrity voice feature

Telugu super news,February 26th,2024: PhonePe, today announced the launch of a first-of-its-kind celebrity voice feature on its SmartSpeakers in collaboration with the Superstar of Tollywood, actor, Mahesh Babu. This new feature will allow PhonePe SmartSpeakers to validate customer payments in Telangana film industry’s iconic actor Mahesh Babu’s distinct voice, in both Telugu and English across India.

The PhonePe SmartSpeaker was launched a year ago, and since then, more than 4.8 million devices have been used by merchant partners across 90% of the postal codes in the country. On average, PhonePe SmartSpeakers validate 10.9 crore monthly transactions in Telangana, demonstrating its widespread adoption in the state. Using famous celebrity voices from different regions will make the payment experience for customers as well as merchants even more interactive. 

Speaking on this new and distinctive offering, Yuvraj Singh Shekhawat, Chief Business Officer – Merchant Business at PhonePe said, “Our extensive network of over 3.8+ crore merchants is spread across different regions in India, each with its unique linguistic needs for payment validation. Through partnerships with various renowned celebrities, we are adapting and tailoring our services to meet such distinct needs of our merchants in a creative way. This ensures the efficient use of our devices while also boosting the appeal of the PhonePe SmartSpeaker among both merchants and customers.”

Here’s a step-by-step guide on how merchants can enable this new feature from their PhonePe for Business app. 

1) Open the PhonePe for Business App 

2) Go to the SmartSpeaker section on the home screen

3) Under ‘My SmartSpeaker’, click on ‘SmartSpeaker Voice’

4) Choose the desired celebrity’s voice in the preferred language

5) Click on ‘Confirm’ to activate the voice 

6) The device gets rebooted with the updated language in the chosen celebrity’s voice within a few hours

PhonePe also recently launched the celebrity voice feature on its SmartSpeakers in collaboration with the iconic Indian actor, Shri. Amitabh Bachchan in Hindi and English with plans to roll this out in more languages in the future. Some of the other features that make PhonePe SmartSpeakers stand out in the market include portability, a best-in-class battery, great audio clarity even in the noisiest of environments, and the compact and versatile form factor which allows merchants to use it even in the most congested counter spaces. Earlier merchants using feature phones relied heavily on SMS, but now with the PhonePe SmartSpeakers, their payment validation experience has been significantly eased. PhonePe SmartSpeakers provide voice payment notifications in multiple Indian languages, with up to 4 days of battery life, dedicated data connectivity, a dedicated battery level LED indicator for ease of use, audio alerts for low battery levels, and a dedicated replay button for the last transaction. By offering such convenience to merchants, PhonePe is seeing the successful adoption of PhonePe’s SmartSpeakers in the market, thus enabling an increase in digital payments.

PhonePe drives over 65% growth for two-wheeler digital Insurance in India.

Telugu super news, january 18th,2024:PhonePe today announced that it has contributed to over 65% growth for two-wheeler digital Insurance in India, over the last 2 years. In a shift indicative of the evolution of the Indian insurance industry and growing consumer trust, there has been a notable surge in the adoption of digital channels for purchasing insurance. The company has also facilitated over 75 million vehicle insurance quotes and 400 million quotes across insurance products. 

PhonePe started offering Insurance on its platform in September 2021, and since then has sold over 9 million overall policies, with over 4 million being sold in the last year alone. The digital insurance market is growing at a CAGR of 24%, with a large part of this growth coming from PhonePe. 

Having disrupted the market with motor insurance products, PhonePe recently introduced a unique monthly premium plan for health insurance – a first-of-its-kind initiative in the industry. This move is driven by two critical insights; The convenience of monthly payments, extending beyond credit card/EMI users to encompass everyone. This departure from lump-sum payments involves actual monthly payouts, thereby easing the financial burden for our users. It also empowers our users to opt for more extensive insurance coverage, due to enhanced affordability, without compromising on savings. Also, the transparency in selecting the appropriate coverage is reflected in the Average Transaction Size (ATS) with an increasing number of users opting for comprehensive protection.

Commenting on the milestone Vishal Gupta, CEO of PhonePe Insurance said,’ PhonePe’s innovative approach and customer-centric solutions have played a pivotal role in reshaping the landscape of the digital insurance space. True to its ethos of positive disruption, PhonePe is revolutionizing the insurance buying experience in India. Our monthly premium plan for health insurance is another step in our commitment to providing innovative, customer-friendly solutions that truly address the needs of the modern Indian consumer. What sets PhonePe apart is its strategic partnerships with industry leaders, bringing deep expertise to co-create tailor-made offerings for its expanding customer base. These partnerships not only reflect the industry’s trust in PhonePe but also underline the efforts it has made in enhancing and simplifying customer journeys.’’

PhonePe launches Income Tax Payment feature on its app

PhonePe launches a new brand campaign on motor insurance renewals

Telugu super news,National, 24 July 2023: PhonePe, today announced the launch of the ‘Income Tax Payment’ feature on its app. The feature allows taxpayers, both individuals and businesses to pay self-assessment and advance tax directly from within the PhonePe app. This eliminates the need to log in to the tax portal, creating a seamless and efficient experience for taxpayers.

PhonePe has partnered with PayMate, a leading digital B2B payments and service provider to enable this feature. Users can choose to pay their taxes using their credit card or UPI. With credit card payments, users also get a 45-day interest-free period and earn reward points on their tax payments, depending on their bank. Once the payment has been made, taxpayers will receive a Unique Transaction Reference (UTR) number as an acknowledgement within one working day. The challan for the tax payment will be available within two working days.

PhonePe launches a new brand campaign on motor insurance renewals

Commenting on the announcement, Niharika Saigal, Head of Bill Payments and Recharge Business at PhonePe said, “At PhonePe, we are committed to continuously enhancing our offerings to meet the evolving needs of our users. We are thrilled to announce the launch of our latest feature, the convenience of paying income taxes on the PhonePe app itself. Paying taxes can often be a complex and time-consuming task, and PhonePe is now offering its users a hassle-free and secure way to fulfill their tax obligations. We believe that this will transform the way our users pay taxes as we have now made the process both simple and easy.”

Here’s how users can pay their taxes in just 3 simple steps on the PhonePe app:

  1. Step 1: Open the PhonePe app homepage and tap on the ‘Income tax’ icon

Step 2:  Select the Type of Tax you would like to pay, the assessment year, and PAN Card details

Step 3: Enter the total tax amount and pay using the preferred mode of payment

Step 4:  Post successful payment, the amount will be credited to the tax portal within 2 working days.

PhonePe Launches India’s first Health Insurance platform with monthly subscriptions.

Telugu super news,National, July 18th, 2023:PhonePe Insurance Broking Services, today announced the launch of health insurance plans offering comprehensive insurance in partnership with leading insurers.  What sets these health insurance plans apart is the introduction of the UPI monthly mode of payment, making them more affordable for customers. PhonePe has been at the forefront of driving Insurance penetration in the country by selling more than 5.6 million policies till date. PhonePe Insurance platform has also sold policies across 98% of India’s PIN codes and has served more than 200 Mn vehicle insurance quotes.

These health insurance plans, which come with coverage up to Rs.1 crore, allow users to choose any hospital room without any cap/limit. A user can also avail of innovative features like a bonus cover up to 7 times the base cover amount for each claim free year.  The Health Insurance plans being offered by PhonePe Insurance Broking are accompanied by pre and post-sales assistance to help users make informed decisions, file claims, and access other services.

Commenting on the launch, Hemant Gala, Vice President Financial Services at PhonePe said, “One of the biggest barriers in buying Health Insurance has been affordability and we have solved the same by creating India’s first Health Insurance marketplace focused on monthly payments. We believe this will drive deep penetration with users being able to pay in monthly subscriptions with a much lower financial burden.’’

Purchasing Health Insurance on PhonePe is simple and easy. All a user needs to do is:

  1. Enter basic details for all the members you want to insure.
  2. Proceed to the quotes page, select the desired quote, and move to the next page to enter personal and health details.
  3. Review the information and either set up your monthly mandate or pay annually

PhonePe Launches Platform for Merchant Lending

PhonePe launches a new brand campaign on motor insurance renewals

Telugu super news,Bangalore, June 26, 2023:PhonePe, announced the launch of its Merchant lending platform allowing Banks and NBFC’s (Non-Banking Financial Companies) to provide access to credit in a completely digital and seamless manner to its vast merchant base of over 35 million merchants. This reaffirms PhonePe’s commitment to driving financial inclusion for small and medium enterprises (SMEs).

SMEs in India have long faced challenges in accessing organized credit, impeding their growth and hindering their potential. Understanding this unmet need, PhonePe has designed a seamless end-to-end journey on the PhonePe for Business app, ensuring that loans are approved by lending partners in a matter of minutes. PhonePe leverages its strong distribution network and superior tech capabilities, while the Lending partners bring in their expertise in underwriting, disbursals and loan collection. 

PhonePe launches a new brand campaign on motor insurance renewals

PhonePe has successfully facilitated the disbursal of over 20,000 loans through its trusted NBFC partners since May 2023. The phenomenal early traction the company has seen highlights the tremendous demand for credit among SMEs and the effectiveness of PhonePe’s Marketplace model in fulfilling this need.One of the distinguishing factors that sets PhonePe apart is its strong engagement with merchants in the payments business. The company’s in-depth understanding of a merchant’s transactional behavior is a strong dimension that validates the health of the merchant’s business. Furthermore, PhonePe is actively developing its own credit score using cutting-edge data science-driven models, which further augments the partner’s lending process and empower SMEs to access credit with greater ease.

Speaking on the launch, Hemant Gala, Vice President of Financial Services said, “Promoting financial inclusion is at the core of PhonePe’s mission. We are excited to launch Merchant Lending on our platform using the Marketplace Model, providing SMEs & MSMEs with access to organized credit and enabling their growth. By serving as a catalyst for the financial empowerment of MSME & SMEs, PhonePe is proud to contribute to the overall development of the economy and drive sustainable progress.’’

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