Walmart-owned digital payments app Phonepe has launched a new shopping app called 'Pincode' built on top of the ONDC platform, according to a company's statement. Pincode is currently live only for Bangalore-based customers.

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The app will focus on hyperlocal commerce and is now available for download on Google Play Store and App Store, the company said on Tuesday, 4 April 2023.

Phonepe plans to launch its new app in other cities very soon. This would boost local retailers as well as the entire ecosystem that supports commerce in the area, including MSMEs and farmers.

"Pincode is a brand-new shopping app and offers a revolutionary new approach to e-commerce, which puts all the local stores and sellers at the heart of the digital shopping growth story. Pincode is built on the ONDC (Open Network For Digital Commerce) network, which allows us to generate demand for merchants digitized by various seller platforms in an inclusive manner, while creating new opportunities for growth and driving innovation at scale," said Sameer Nigam, CEO and Founder Phonepe.

The Pincode app will support neighbourhood retailers and vendors and aims to digitally link customers to all the local shops they often visit in person while providing the ease of online buying, fantastic savings, and quick refunds and returns. 

The app will highlight the inherent strengths of neighbourhood stores by providing customers with a better and wider selection of products than the competition. This selection will include both well-known national brands and locally produced groceries, apparel, footwear, accessories, and other goods in addition to well-known national brands. 

According to Phonepe, ONDC can foster the rapid growth of a new hyperlocal ecommerce business model. Apart from local buyers and sellers, such a model will also benefit other ecosystem participants like the last mile logistics and inventory management players.

Founded in 2015, Phonepe claims to be India’s largest payments app which has 45 crore registered users. The company has also digitised over 3.5 crore offline merchants spread across Tier 2,3,4 and covering 99 per cent pin codes in the country.

Last week, Phonepe reportedly cancelled its plan to acquire BNPL (buy now pay later) platform ZestMoney over due diligence concerns.

ALSO READ: Walmart-backed Phonepe cancels deal with BNPL startup ZestMoney