PhonePe, a well-known fintech company in India with the support of Walmart, is getting ready to compete against Google’s monopoly on the Indian app store market.
They plan to do this by launching their own app store which will be exclusively for Android users.
This decision by PhonePe to enter the app store market follows their acquisition of IndusOS, a company that used to provide app store services in partnership with smartphone vendors.
The app store will be able to offer services tailored to individual customers’ context, support transactions in 12 languages, provide 24×7 live chat support, and also give users a “premiere experience” through high-quality, targeted advertisements.
As per a report by Tech Crunch, PhonePe has stated that it believes users are hesitant to download numerous applications on their smartphones.
Therefore, the app store is a part of the company’s ongoing funding round for the year, which has secured $750 million in investment from various parties such as Walmart, General Atlantic, and Tiger Global.
PhonePe has confirmed that it is in discussions with multiple smartphone manufacturers in India and intends to go live on all Android OEMs within the first few months after launch.
The significance of PhonePe’s entry into the Indian app store market cannot be overstated, as Google currently controls 97% of the market share.
This move by PhonePe has the potential to challenge Google’s dominant position.
The timing of this entry is favourable for PhonePe as the Competition Commission of India has recently issued an order that allows other developers to create and launch their app stores on Google Play.
PhonePe sees this as an opportunity to create a more localized alternative app store, not only in terms of language support but also in terms of content discovery and catering to consumer interests.
PhonePe’s latest venture into the app store market is another example of the company’s efforts to broaden its services beyond mobile payments, following its recent entry into the e-commerce sector.
As one of the most valuable fintech startups in India, PhonePe is in an advantageous position to take on Google’s domination in the app store market.
Its app store could offer a viable alternative for Indian consumers seeking more personalized and localized services.
