The 15th annual Ventana Research Digital Leadership Awards recognize organizations and individuals that utilize technology to advance business and IT. The Awards showcase professional leadership and their use of business applications or technology that led to improved organizational efficiency, productivity and performance. These leaders and pioneers have contributed to the organization’s success and championed improvements across people, processes, information and technology.
Organizations must be agile and ready to support continuous operations under all circumstances. This requires an effective digital technology strategy to guide decisions and deliver the confidence and trust to support operational priorities. Ventana Research selected PhonePe for the 15th Annual Digital Leadership Award in Digital Business for its leadership to support digital payments using Aerospike. India is gradually becoming a cashless economy. PhonePe was formed in 2016 to provide payments for the market of over 1 billion mobile phone users, 659 million bank account holders, 300 million internet users and 240 million smartphone users. To serve as much of that population as possible, PhonePe needed to deliver an exceptional customer experience. It set out to provide reliable, digitized payments for 30 million merchants and millions of Indians to send, spend, manage and grow money when, where and how they choose. As part of the $3 trillion digital payment market in India, PhonePe needed a platform that could immediately handle 110 million transactions daily through an operational data store.
PhonePe’s engineering team selected Aerospike to process billions of transactions with predictable performance and low latency at an affordable cost. The result is an open, interoperable digital payment platform that works online and offline. Aerospike enables real-time transactions for PhonePe’s 400 million registered users as they send money, make essential purchases and schedule bill payments. The Aerospike multi-model, NoSQL data platform enables predictable sub-millisecond performance at scale with dramatically reduced infrastructure costs and less manual work.
PhonePe serves 1 in 4 Indians in real time and can reliably process over 3 billion monthly transactions for its 400 million registered users. PhonePe is now one of the top downloaded finance applications in the world. Aerospike has helped PhonePe deliver on its objectives of real-time transaction authorization, fraud detection and fraud prevention, while ensuring extremely high transaction success rates, ultimately translating to the best possible customer experience.
In digital business, organizations must go beyond transformation and work toward innovation. Aerospike addresses the challenges of acting in real time with massive parallelism. Organizations that support digital payments and business engagement with customers will appreciate the opportunity to provide a platform with real-time data operations that delivers the reliability and manageability necessary for digital transactions.
Organizations looking to maximize the value of business and technology investments across people and processes should consider how to optimize digital business. If you have not examined how Aerospike can help your organization, it is well worth your time. Congratulations, Burzin Engineer at PhonePe, for your leadership.
Ventana Research offers expertise and research-based guidance on embracing digital business to increase organizational effectiveness and the execution of business processes. Change is required to maintain competitiveness and enable business resilience and digital readiness to achieve the outcomes your organization deserves.