Dream11 Takes On PhonePe, Google Pay With The Launch Of UPI Payments Application

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Dream Sports, the parent company of fantasy gaming unicorn Dream11, has launched a mobile payments app called DreamX, which is currently in beta phase and open to select users through an early access programme. The app, backed by the Unified Payments Interface (UPI) and the Bharat Bill Payment System (BBPS), will allow users to send money, pay bills and spend online. Dream Sports aims to leverage the large user base of Dream11 to drive the fintech vertical and may also be looking to directly cater to Dream11 customers and cut out payment platforms as middlemen. Dream Sports has partnered with Pine Labs, which owns a prepaid payment instrument (PPI) licence, to unveil the offering. The launch comes ahead of the 16th edition of the Indian Premier League, which typically sees a surge in users on the Dream11 platform.

The fantasy gaming industry in India has faced regulatory challenges in the past, including issues with legality and gambling laws. However, Dream11 has been able to navigate these challenges and build a strong user base. With the launch of the DreamX payments app, Dream Sports is well-positioned to leverage its existing user base and tap into the growing fintech market in India, which presents a significant opportunity for startups in the coming years. Additionally, the launch of the app ahead of the Indian Premier League is a strategic move to take advantage of the surge in users during the cricket season and promote the payments app to a wider audience.