is likely to see consolidation due to the lowmargin highvolume nature of business some of the large players might look at other strategies of consolidation and acquisition to capture a larger share of the pie jain addsthere are 375 companies in payments 338 in lending 303 in wealth techretail and 58 in emerging fields says consultancy medici putting the number of fintech startups in india at 2035 only a few will get funding and a fewer still will grow to any significant scalethe need for a strong payment backbone has not been lost on phonepe nigam and chari experienced the problem firsthand in october 2014 a surge in traffic had crippled online payment gateways during flipkarts big billion sale this caused massive business disruption and frayed tempers all around it was quite apparent then that to become a multitrilliondollar digital economy the most important part a payments system wasnt ready says chari the firm also had to keep pace with shifting consumer preferences from online payments to mobilefirst and driven by mobileonlywe quickly went from an online payment system that used seven or eight hops to no more than two chari adds a key driver for phonepes success will lie in its founders and senior executives proving that it can sustain its growth as an independent entity by rahul sachitanand et bureau published on aug 26 2019 at 0831 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etretail app get realtime updates save your favourite articles scan to download app phonepe flipkart sunday et paytm phonepe flipkart payzapp homenewshow flipkarts phonepe plans to become a major financial services player