Dream Sports enters UPI market with payment app DreamX

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The parent company for India’s largest fantasy sports platform, Dream11, Dream Sports, is introducing a mobile payment app called DreamX in an effort to provide fans more options for spending their winnings on the platform.

With the IPL 2023 edition starting today, i.e., March 31, the company expects to see heavy traffic and increase in user base. The app is expected to help players with ease of spending their winnings.

The app is automatically linked with the user accounts on Dream11 fantasy app. Currently, there is no way to register with the DreamX app as a standalone basis according to MoneyControl. However, with the new DreamX app, the company is set to compete with other tech giants in this space like Google Pay, Paytm, and PhonePe.

The UPI (Unified Payments Interface) and Bharat Bill Payment System powered DreamX is now accessible on the Google Play Store and Apple App Store in public beta (BBPS). Users can not only spend their winning using DreamX app, but can also transfer funds to other users and use it for shopping through QR code, alike other UPI platforms.

The app also provides all basic functionalities of other payment apps like payment of utility bills for electricity, water, broadband, landline, DTH, FASTag, and others. According to DreamX’s app page, one may also pay for credit cards, loans, insurance, and policy premiums.

Dream Sports has also collaborated with Pine Labs, a Prepaid Payment Instruments (PPI) licensee. PPI wallets were recently permitted to participate in the UPI ecosystem with an interchange charge of 1.1 percent for transactions over INR 2,000 in value, as per National Payments Corporation of India (NPCI) directives.

Together with Dream11, Dream Sports’ ecosystem, which includes the sports content and ecommerce platform FanCode, the sports experiences platform DreamSetGo, and investee companies like the digital collectibles site Rario, will also be featured at DreamX.