PhonePe, a digital payments platform owned by Walmart, is planning to launch its own app store to compete with Google’s Play Store. The move comes as Indian regulators have been tightening their scrutiny of Google’s dominance in the country’s digital ecosystem.
According to sources, PhonePe’s app store will offer a range of apps, including gaming, social media, and e-commerce applications. The company is also reportedly in talks with several developers to bring their apps to its platform. The move is seen as a strategic play by PhonePe to diversify its revenue streams and reduce its dependence on transaction fees. By offering a range of apps, PhonePe can potentially generate advertising and subscription revenue, in addition to transaction fees. The app store is also expected to help PhonePe increase its user engagement and retention. By offering a range of apps, the company can keep users within its ecosystem for longer periods of time, which could translate into increased revenue and market share. PhonePe is one of the fastest-growing digital payments platforms in India, with over 300 million registered users. The company offers a range of payment services, including UPI transfers, bill payments, and mobile recharges. With the launch of its app store, PhonePe is poised to become a more comprehensive platform for digital services and a stronger competitor to Google.
PhonePe is one of the leading digital payments platforms in India, with a user base of over 300 million. The company was acquired by Walmart in 2018, and has since grown rapidly, expanding its range of services and partnerships. The decision to launch an app store comes as Indian regulators have been scrutinizing the dominance of Google and other foreign tech companies in the country’s digital ecosystem. In 2020, the Indian government banned several Chinese apps, including TikTok and WeChat, citing national security concerns.
PhonePe’s app store is expected to offer a range of applications, including gaming, social media, e-commerce, and other categories. The company is reportedly in talks with several developers to bring their apps to its platform.
By launching its own app store, PhonePe aims to reduce its dependence on transaction fees and diversify its revenue streams. The app store could also help the company increase user engagement and retention, by providing a range of services within its ecosystem.
The launch of an app store is part of PhonePe’s broader strategy to become a more comprehensive platform for digital services. The company has already expanded its range of payment services to include UPI transfers, bill payments, and mobile recharges, and has partnered with several merchants and businesses to enable digital payments.
Overall, the launch of an app store is a significant move for PhonePe, as it seeks to become a stronger competitor to Google and other foreign tech companies in India’s rapidly growing digital market.