Indian fintech PhonePe names Ritesh Pai as CEO of international payments
Indian fintech giant PhonePe has appointed Ritesh Pai as the new CEO of its international payments business.
PhonePe appoints Ritesh Pai as CEO of international payments
A banking professional with more than 25 years of working experience, Pai joins PhonePe from UK fintech TerraPay, where he served as president – product and solutions for the last three years, responsible for launching and implementing payment products and solutions globally.
Prior to that, he worked as senior group president and chief digital officer for Yes Bank for more than five years. His earlier stints include senior roles at Ratnakar Bank, REV Asia Pacific, Dresdner Bank, Fidelity National Information Systems, Kotak Mahindra Bank, BNP Paribas and HDFC Bank.
PhonePe, in a media statement, describes Pai as a “seasoned digital payments sector leader”.
“Ritesh has been an early believer and staunch supporter of the company and was very instrumental in our early UPI success story,” comments Sameer Nigam, CEO and founder of PhonePe, adding that Pai will be leading the company’s international growth plans in his new role.
Commenting on his new job, Pai says PhonePe “has achieved market leadership in India”, owing to its “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,” he adds.
Founded in 2015 and based in Bengaluru, India, PhonePe claims to have 500 million registered users and a network of 37 million merchants across the country. The company spent a considerable part of last year raising new funds, having raised $850 million in 2023.
