New Delhi: On Tuesday, PhonePe, which is backed by Walmart, revealed its entry into the local commerce market with the introduction of its consumer app, Pincode.
The app is developed on the government’s Open Network for Digital Commerce (ONDC) platform.
Sameer Nigam, the Founder and CEO of PhonePe, announced that the Pincode app would first launch in Bangalore and will expand to other cities once it reaches a daily transaction volume of around 10,000.
PhonePe is set to release a new shopping app, Pincode, which prioritizes interactions with stores. The app is expected to debut in Bengaluru.
Nigam stated that the Pincode app would be introduced in a gradual manner, starting with one city at a time.
The app’s expansion to the next city will depend on the achievement of a transaction volume of at least 10,000 per day.
Nigam has set an ambitious target of 100,000 daily transactions by December.
According to Nigam, Pincode marks PhonePe’s second consumer app launch in approximately seven years.
He explained that a separate app was developed to meet the changing expectations of customers.
Initially, Pincode will be tested in Bangalore and will offer products in categories such as groceries, food, pharmaceuticals, electronics, and home decor.
Retailers who are registered on the government-backed Open Network for Digital Commerce (ONDC) will be able to participate on the app.
