- New Leadership at PhonePe:
- Ritesh Pai, a banking professional with over 25 years of experience, has joined PhonePe.
- Pai was previously associated with UK fintech TerraPay, where he served as President – Product and Solutions for three years, overseeing the global launch and implementation of payment products.
- Past Experience:
- Before TerraPay, Pai held the position of Senior Group President and Chief Digital Officer at Yes Bank for over five years.
- His extensive career includes roles at Ratnakar Bank, REV Asia Pacific, Dresdner Bank, Fidelity National Information Systems, Kotak Mahindra Bank, BNP Paribas, and HDFC Bank.
- PhonePe’s Description of Pai:
- PhonePe describes Ritesh Pai as a “seasoned digital payments sector leader.”
- Early Believer in PhonePe:
- Sameer Nigam, CEO and founder of PhonePe, highlights Pai’s early belief and support in the company, playing a significant role in the early success of Unified Payments Interface (UPI).
- Role and Responsibilities:
- Ritesh Pai is appointed to lead PhonePe’s international growth plans in his new role.
- He brings a wealth of experience to contribute to the company’s expansion beyond national borders.
- PhonePe’s Achievements:
- PhonePe, founded in 2015 and headquartered in Bengaluru, claims to have 500 million registered users.
- The platform boasts a network of 37 million merchants across India.
- Focus on Innovation:
- Sameer Nigam acknowledges PhonePe’s market leadership in India, attributing it to product innovation and customer-centric solutions.
- Funding Activities:
- PhonePe engaged in fundraising activities throughout the previous year, securing $850 million in 2023.
- Pai’s Confidence in PhonePe’s Future:
- Ritesh Pai expresses confidence in PhonePe’s ability to expand internationally, leveraging its focus on innovation and customer solutions.
- International Expansion Strategy:
- Pai’s role is crucial in executing PhonePe’s strategy to take its payment technology to an international audience.
This move signifies PhonePe’s commitment to further growth and innovation under the leadership of an experienced professional in the digital payments sector.
