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Friday, June 21, 2024

PhonePe launches Pincode app for hyperlocal e-commerce on ONDC

PhonePe Pvt Ltd, a digital payments company backed by Walmart Inc, has introduced a new app named Pincode to boost its e-commerce operations.

The app is based on the Open Network for Digital Commerce (ONDC), an initiative by the Indian government to help small businesses and local shops in India access the processes and technologies used by large e-commerce platforms such as Amazon and Walmart.

Pincode is an app that focuses on hyperlocal commerce and is currently available only in Bengaluru on the Google Play Store and the App Store, according to a statement by PhonePe.

The app offers various categories such as groceries, food, pharma, electronics, home decor and fashion.

The company aims to achieve 100,000 orders per day on the app by December, said Chief Executive Sameer Nigam. He also said that the company would not expand the service to more than 10 cities in the first year.

PhonePe already has an e-commerce platform called Switch on its app, which provides services such as food delivery, grocery shopping, travel, hotel booking, retail fashion and healthcare.

PhonePe, which is India’s most valuable payments firm, had raised $200 million from Walmart, its majority-backer, at a pre-money valuation of $12 billion in March.

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