PhonePe becomes the first non-banking app to launch IPO applications with UPI
We recently became the first non-banking app to enable IPO applications through UPI. PhonePe users can now participate in IPOs using their BHIM UPI Id created on the PhonePe app.
Our users can participate in forthcoming IPO’s in 3 simple steps:
1. Put their UPI ID in the IPO form and submit it.
2. Approve the notification in the PhonePe app to block the amount for the IPO. On allotment of the shares, the money is automatically debited from this blocked amount.
3. Get the IPO application process completed in three days from the current six days.
PhonePe has been a pioneer in UPI adoption, and we have continued our leadership in this space by becoming the first non-banking app to enable IPO application under the UPI 2.0 framework. We are also closely collaborating with NPCI to drive retail participation for millions of users of PhonePe in capital markets through this initiative. We look forward to working with NPCI and SEBI in promoting UPI for all the upcoming IPOs and driving more digital adoption.