Indian fintech giant PhonePe is in the process of launching a dedicated application store for Android users in the country. This is the latest product that is being launched by the Walmart-backed firm that rules the mobile payments industry in the second-largest economy of Asia.
This app store is designed to offer services that are highly local in nature, driven by customer context that aims to assist developers with “high quality” user acquisition via multilingual solutions, as stated by an internal company document, reported TechCrunch.
Moneycontrol could not independently verify the news.
This move made by PhonePe to enter the market of app stores, though still many weeks away, comes after the Bengaluru-headquartered startup acquired IndusOS. This is also an app store maker that has served customers by creating partnerships with smartphone vendors.
PhonePe has also confirmed that it is in the process of launching an app store in India.
In a statement provided to TechCrunch, a spokesperson from PhonePe stated that as of now, Google commands 97 percent of the Indian users in the app store market. Amidst this, there is an opportunity for a brand like PhonePe which has otherwise already gathered more than 450 million registered users across India, to build an alternative app store that is “more localized not just from a language perspective but also from a discovery and consumer interest perspective.”
The firm also confined that it is in talks with phone makers in the country, stating that “everyone is very receptive, especially since CCI has clarified that Google cannot engage in anti-competitive practices.”
“We expect to be live on all Android OEMs within the first few months of launch. We have already closed terms with one of the largest OEMs and are trying to get the others rapidly onboard over the next couple of months,” added the firm.
PhonePe also recently entered the e-commerce industry under the brand name “Pincode”. The firm split with former e-commerce firm Flipkart last year.
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