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Phonepe mulling entry into stockbroki­ng business

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Homegrown digital payments company Phonepe is reportedly planning to enter the stockbroki­ng business. This move of Phonepe is said to intensify the battle for market share in the super competitiv­e industry. according to reports quoting sources with direct knowledge of the matter, the company is awaiting a stockbroki­ng licence from Securities and Exchange Board of India (SEBI). The Bengaluru-headquarte­red fintech startup aims to tap its existing customer base to leapfrog establishe­d rivals in the broking business, said reports. It will encourage customers to put a fraction of the unutilised funds in wallets into markets, sources were quoted as saying. Phonepe processed 1.19 billion Unified Payments Interface (UPI) transactio­ns worth Rs 2.31 lakh crore in march, cornering 44% of the UPI market, even as its closest rival Google Pay with 957 million transactio­ns had a share of 35%, as per reports.

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