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PhonePe Prepares Feature Phone UPI App After Acquiring GSPay Technology

The rollout expands digital payments to 240 million feature phone users under NPCI’s UPI123PAY model.

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PhonePe Becomes Public Before IPO | Image: Republic
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Overview

  • PhonePe acquired the GSPay technology stack from GupShup in June 2025 and plans to customize the IP for a new feature phone-based UPI app.
  • The upcoming app will enable peer-to-peer transfers, offline QR code payments and money receiving via mobile numbers or self-generated QR codes.
  • India’s feature phone segment comprises about 240 million users with an expected 150 million new shipments in the next five years, according to industry data.
  • As of April 2025, PhonePe has over 600 million registered users and processes more than 330 million transactions daily.
  • The Walmart-backed company converted to a public entity in April, added banking veteran Zarin Daruwala to its board and is preparing for an IPO on Indian stock exchanges.