What is Pincode? PhonePe's Newly Launched App: Explained

Bangalore: India's digital payments and financial services provider, PhonePe recently launched its new Shopping app called “Pincode”, which is built on top of the ONDC platform. This app is all about focusing on hyperlocal commerce. This application is 'Pincode' is currently live only for customers in Bangalore and will launch in other cities very soon. 

The Pincode app will promote local shopkeepers and sellers and hopes to digitally connect each city’s consumers with all their neighborhood stores that they usually buy from offline, with the convenience of online ordering, great discounts and instant refunds and returns. The app will help bring out the inherent strength of neighborhood stores, offering consumers a better and wider selection of products than competition, and will include both well-known national brands, as well as locally manufactured groceries, apparel, footwear, accessories etc. 

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Users who are looking for it can download it from the Google Play Store and App Store.

This will not only provide a stimulus to the local retailers, but also to the entire local ecosystem powering commerce including the MSME’s and farmers. Pincode will invest significant effort in digitally enabling every Indian shopkeeper spread across every nook and corner, over the next few years. This will help our offline businesses to participate in the e-commerce revolution of the 21st century.

The success of this platform will also attract more small merchants to the ecosystem and will create sustainable employment opportunities for more people. PhonePe believes that ONDC can foster the rapid growth of a new hyperlocal ecommerce business model.

Apart from local buyers and sellers, such a model will also benefit other ecosystem participants like the last mile logistics and inventory management players Speaking on the launch, Sameer Nigam, CEO and Founder PhonePe said, “We are very excited to launch Pincode. Pincode is a brand-new shopping app and offers a revolutionary new approach to e-commerce, which puts all the local stores and sellers at the heart of the digital shopping growth story. Pincode is built on the ONDC network, which allows us to generate demand for merchants digitized by various seller platforms in an inclusive manner, while creating new opportunities for growth and driving innovation at
scale. ’’

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About PhonePe:

PhonePe was founded in December 2015 and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 45 crore (450 Million) registered users, one in four Indians are now on PhonePe. The company has also successfully digitized 3.5+ crore (35+ Million) offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform. 

PhonePe forayed into financial services in 2017, providing users with safe and convenient investing options on its platform. Since then, the company has introduced several Mutual Funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services. PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2022 by Trust Research Advisory (TRA).

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