Walmart-owned PhonePe is set to launch its own app store for Android users in India, challenging Google’s dominance in the market. The fintech giant, which was acquired by Walmart in 2018 as part of the US retailer’s $18 billion acquisition of Flipkart, is looking to expand its offerings and become a super app.
PhonePe, a major fintech and payments company owned by Walmart, is preparing to launch its own app store for Android users in India. Observers view this move as a challenge to Google, who currently dominates 97% of the Indian app store market. The app store launch comes a year after PhonePe acquired app store maker Indus OS.
PhonePe aims to take on Google’s Play Store
The move comes as PhonePe looks to raise $1 billion to fund its expansion plans, which include adding new services such as insurance and wealth management. The company has already launched a WeChat-like messaging feature in 2020, and now aims to take on Google’s Play Store, which currently dominates the Indian market.
PhonePe’s app store will offer a range of apps, including games, music, and other entertainment options, as well as productivity and utility apps. The company is also looking to partner with developers to create new apps for its platform, and is reportedly in talks with several major Indian app developers.
Observers view this as a strategic move for PhonePe, which aims to diversify its revenue streams and decrease reliance on payments. The company currently processes over 1 billion transactions per month, and has over 350 million registered users. However, with the Indian payments market becoming increasingly crowded, PhonePe is looking to expand its offerings and become a one-stop-shop for all its users’ needs.
The launch of its own app store will also give it greater control over the user experience, and allow it to offer more personalized recommendations and promotions. This could help the company to differentiate itself from Google’s Play Store, which has faced criticism in the past for its lack of transparency and its handling of user data.
Overall, it has move into the app store market is a bold one, and could have significant implications for the Indian tech industry. With the company looking to raise $1 billion and expand its offerings, it is clear that it has big ambitions for the future. PhonePe’s ability to challenge Google and establish itself as a leading participant in the app store market remains uncertain. However, it is clear that PhonePe is willing to take on established players and shake up the status quo.
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