UPI payments giant PhonePe appoints Ritesh Pai as CEO of its International Payments business

UPI payments giant PhonePe today said it has appointed Ritesh Pai as CEO of its International Payments business.

Who is Ritesh Pai?

Ritesh is a seasoned Digital Payments sector leader with a proven track record of launching innovative solutions and structuring strategic business partnerships globally. In his last role, as the President – Products and Solutions at TerraPay, he was responsible for launching and implementing payment products and solutions globally. 

Prior to that, he served as the Senior Group President and Chief Digital Officer at Yes Bank, where he led the digital strategy and transformation for the bank and launched multiple successful partnerships with many of today’s leading Fintech players.

Focused on international expansion

Ritesh Pai, CEO – International Payments’ at PhonePe added, “I am excited to join PhonePe as it takes significant strides in shaping the future of digital payments on a global scale. PhonePe has achieved market leadership in India with its unwavering commitment to product innovation and building customer-centric solutions. I am confident that this same focus will help us expand our footprint beyond national borders, taking our payment technology to an international audience.”  

PhonePe's dominance in the Indian market 

Notably, PhonePe became the only payment app to cross 5 billion UPI transactions in October of 2023. It is now focusing on diversifying its revenue streams. Last month, It introduced the 'Credit' section on its mobile application, which would allow users to view their credit bureau score and manage their financial activities such as credit/Rupay card management, loan repayments, and credit card bill payments. 

The company has also expanded into financial services such as insurance, mutual funds, and stockbroking. 

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