By Pulse – Beat of Progress.
Most of us have the PhonePe app on our phones, and we have done some transactions through this app.
Also, we have competitor apps like Gpay, Paytm, and several others.
Today, PhonePe has taken a step forward with the pulse, which offers insights into the digital payments ecosystem in India.
And it is open for anyone and everyone.
In PhonePe chief Sameer Nigam’s words –
“When we started PhonePe five years back, we struggled to get reliable granular data on digital payments trends across the country.
We had promised ourselves that if we are successful and gather enough data on our platform, we would open it for anyone who wants to get deeper insights into the Indian payments industry.
We built PhonePe Pulse because we can, and crucially because we should help unlock opportunities for others to build in India,” he said.
Why does it matter?
In a highly competing startup ecosystem, where everyone tries to get hold of any relevant data and once they do, they hold it close to their chest, this initiative is much appreciated.
This is in a way stating – look, we’re in this industry for last 5 years, and here’s what we have learned. You can check them out, use them for your studies, build on these insights. We would appreciate that.
Informational access was the first thing that got commoditized when the Internet became the norm.
Earlier this was not the case. If you need informational access to an industry, there were limited ways for you to get a hold of them.
Now, you may ask, what was the big deal with that then?
Our life choices are mostly affected by the information we have or we can access. If you didn’t know about the potential of machine learning, how would you choose a career that leads you to that? If you never knew about the potential that new industries bring in for creators, you would shyly take a chance as a creator.
Now informational access is for everyone, then it became who has more data and the insights-driven from it. That’s really a competitive advantage for companies.
Therein comes the effort of making your learnings and insights open to everyone.
On Pulse, we have an option to check out the stats and trends of 2000+ crore transactions that happened on the PhonePe platform. Considering the fact that PhonePe is one of the top players in the market, that gives us the stats and trends of the Indian digital payments ecosystem.
Now, I understand that this may be a promotional attempt. But, does it take away the benefit of this.
After all, if someone is benefiting from a promotion, I consider it to be a good deal.
I appreciate PhonePe’s effort in taking a step in the right direction. If more companies and startups can do this, it will give the upcoming entrepreneurs a sneak-peak into the treasure chest of data and insights.
Pulse gives us the story of how digital payments took off in India narrating through PhonePe’s story.
Now, we see where we stand when we use UPI to do transactions in our daily lives.
I believe that any minor attempt in the right direction needs to be appreciated.
Well done with Pulse, PhonePe!