New Delhi, October 21: Fintech major PhonePe on Monday said it is committed to transparency and accountability while showcasing its approach to delivering innovative financial solutions for the Indian market. Releasing its inaugural annual report that provides a comprehensive overview of the company's vision, strategy, governance and financial performance, the company said it will continue to deliver homegrown solutions that empower the next generation of digital natives in the country.

The report highlights PhonePe’s India-first ethos and vision. From moving its domicile to India to creating over twenty thousand jobs nationwide, embracing India's DPI initiatives early, and making industry-leading investments in the Indian internet ecosystem, PhonePe has been committed to driving financial inclusion and digital growth in the country. PhonePe said aims to create a multi-generational Indian company that employees, customers, partners, and investors are proud of. Reliance Jio Loses 10.9 Million Subscribers in Q2 Amid Price Hike, Still Increases Average Revenue per User From INR 181.7 to INR 195.1.

The foundation of this vision is a strong organizational culture and core values. With an experienced leadership team, marquee investors, and a professional Board of Directors, the company prioritizes long-term sustainable growth, and strong governance and compliance. PhonePe Group runs multiple businesses across financial sectors and is regulated by RBI, SEBI, IRDAI, and UIDAI.

“PhonePe is building exceptional products on a strong technological foundation. The report highlights the core platforms driving innovation and outlines PhonePe’s strategy for ensuring tech resilience and scalability in a dynamic market,” said the company. “At PhonePe, our goal is to build Internet platforms that empower Indian citizens to improve their lives and achieve their aspirations. We believe continuous innovation is key to shaping a modern, developed economy by India’s 100th anniversary of independence,” said Sameer Nigam, CEO and Founder, PhonePe.

“Free market competition, driven by product innovation and service excellence, is the future. Transparency is central to this, which is why we are proud to release our first annual report. We hope that it will give readers a better understanding of our operating philosophy, culture and governance model, and our business strategy,” Nigam added.

The report provides insights into the future of the payments industry, identifying key trends and challenges. It also details PhonePe’s operating and financial performance, including standalone and consolidated financial statements that showcase the company's growth. India Successfully Harnessed Digital Technology To Benefit People, While US Missed: Nobel Laureate Prof. Paul Romer at NDTV World Summit 2024.

PhonePe has scaled rapidly to become India’s leading consumer payments app with more than 570 million registered users and a digital payments acceptance network of over 40 million merchants. The company processes over 290 million daily transactions with an annualized Total Payment Value (TPV) of more than Rs 1.6 trillion.

(The above story first appeared on LatestLY on Oct 21, 2024 04:36 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).