Walmart’s PhonePe launches India mobile app store to rival Google

A general store advertises the use of the PhonePe digital payment system in Mumbai, India. MUST CREDIT: Dhiraj Singh/Bloomberg

Walmart Inc.-owned fintech PhonePe Pvt. launched a mobile application store for consumers in India, the world’s biggest market for downloads. The Android-based store is called Indus Appstore, PhonePe said in a statement Wednesday, as it pits the product against Google’s Play Store. The store will have more than 200,000 mobile applications and games in 12 Indian languages. The move comes as PhonePe capitalizes on growing mobile usage in the world’s second-largest smartphone market. The group is also trying to forge partnerships with smartphone makers and expects to be live on most major phone brands by the end of the year, Chief Executive Officer Sameer Nigam told reporters in New Delhi. Developers will not have to pay any application listing fee until April 2025 and can use any third-party payment gateway of their choice, the release said. PhonePe Group also runs a payments business that competes with Ant Group-backed Paytm and Google’s GPay.Walmart’s PhonePe launches India mobile app store to rival Google

Read More........ → March 19, 2024

India will remain fastest growing economy; South Asia outlook poor: UN report

FILE PHOTO: A worker arranges food packets inside a retail store in Kolkata October 24, 2013. REUTERS/Rupak De Chowdhuri/File Photo

India will remain the fastest-growing major economy recording a growth of 5.8 per cent this year while the rest of the world will grow by a paltry 1.9 per cent, the UN said on Jan. 26, 2023. The UN’s World Economic Situation and Prospects (WESP) report sliced off 0.2 per cent from the 6 per cent gross domestic product growth projection made last May without affecting India’s rank as the country faces headwinds from the global economy Overall, the report said, “Growth in India is expected to remain strong at 5.8 per cent, albeit slightly lower than the estimated 6.4 per cent in 2022, as higher interest rates and a global slowdown weigh on investment and exports”. Next year, the UN expects India’s economy to grow by 6.7 per cent. The WESP gave a positive picture of India’s jobs scene, noting that its “unemployment rate dropped to a four-year low of 6.4 per cent in India, as the economy added jobs both in urban and rural areas in 2022”. For the world, the WESP forecast is 1.9 per cent this year and rising to 2.7 per cent next year. In New Delhi, India’s President Droupudi Murmu credited India’s economic performance to its leadership”. “India has been among the fastest-growing major economies because of the timely and proactive interventions of the government. The ‘Aatmanirbhar Bharat’ initiative, in particular, has evoked great response among the people at large,” Murmu said in her Republic Day speech. China, which came in second, is projected to grow by 4.8 per cent this year and 4.5 next year, after a 3 per cent growth in 2022. The US economy is projected to grow by 0.4 per cent this year and 1.7 per cent the next. For South Asia as a whole, the report said the region’s “economic outlook has significantly deteriorated due to high food and energy prices, monetary tightening and fiscal vulnerabilities” and it forecast a 4.8 per cent growth year and 5.9 per cent next year.This was buoyed by India as the report said, “The prospects are more challenging for other economies in the region. Bangladesh, Pakistan and Sri Lanka sought financial assistance from the International Monetary Fund (IMF) in 2022”.India will remain fastest growing economy; South Asia outlook poor: UN report

Read More........ → March 14, 2024

Walmart’s PhonePe launches India mobile app store to rival Google

A general store advertises the use of the PhonePe digital payment system in Mumbai, India. MUST CREDIT: Dhiraj Singh/Bloomberg

Feb. 21, 2024– Walmart Inc.-owned fintech PhonePe Pvt. launched a mobile application store for consumers in India, the world’s biggest market for downloads.

The Android-based store is called Indus Appstore, PhonePe said in a statement Wednesday, as it pits the product against Google’s Play Store. The store will have more than 200,000 mobile applications and games in 12 Indian languages.

The move comes as PhonePe capitalizes on growing mobile usage in the world’s second-largest smartphone market.

The group is also trying to forge partnerships with smartphone makers and expects to be live on most major phone brands by the end of the year, Chief Executive Officer Sameer Nigam told reporters in New Delhi.

Developers will not have to pay any application listing fee until April 2025 and can use any third-party payment gateway of their choice, the release said.

PhonePe Group also runs a payments business that competes with Ant Group-backed Paytm and Google’s GPay. Walmart’s PhonePe launches India mobile app store to rival Google

Read More........ → February 26, 2024