PhonePe, a prominent player in the digital payments sector, has introduced Ritesh Pai as the CEO of its International Payments division. Pai's prior experience includes a significant role as President-Products and Solutions at TerraPay, where he played a key role in the global launch and execution of payment products and solutions. Preceding his tenure at TerraPay, he held the position of senior group president and chief digital officer at Yes Bank, showcasing his expertise in overseeing digital strategies within the banking realm.
Sameer Nigam, CEO and Founder of PhonePe, expressed his enthusiasm for Ritesh Pai joining the team, highlighting Pai's early support and pivotal role in the company's initial success with UPI. Nigam emphasized Pai's significance in PhonePe's trajectory and welcomed him as the leader for their international growth initiatives. In response, Ritesh Pai acknowledged PhonePe's achievement of securing market leadership in India, attributing it to the company's unwavering dedication to product innovation and customer-focused solutions. He expressed confidence in replicating this success on a global scale, aiming to extend their payment technology to international audiences.
Presently, PhonePe boasts a user base of 500 million registered users and 37 million merchants on its platform, encompassing more than 99% of postal codes nationwide. The company has diversified its offerings, branching into financial services and tech-enabled ventures. Initiatives such as Pincode for hyperlocal shopping and the Indus App Store, India's pioneering localized App Store, are part of PhonePe's strategic expansion into diversified tech-driven businesses.