Flipkart acquires mobile payments firm PhonePe

Posted on:01 Apr 2016 18:06:00
Flipkart acquires mobile payments firm PhonePe
01 April 2016 Current Affairs: India’s largest e-commerce company Flipkart has acquired PhonePe, a Bengaluru-based mobile payments company, which was co-founded by ex-Flipkart employees Sameer Nigam and Rahul Chari. The financial details of the acquisition were not divulged.PhonePe is building India’s a Unified Payments Interface (UPI) based product, which is, planned to go live in April. The interface will allow users to transact using their unique identification and mobile phone number or virtual payments address without sharing any other bank details.“Payments has been one of the biggest hurdles for mass adoption of online shopping in India. UPI has the potential of transforming the entire payments ecosystem in the country. The acquisition of PhonePe is in-line with Flipkart’s focus on driving innovation on the payments front. I am delighted that two Flipkart veterans – Sameer and Rahul are at the helm of this initiative,” Binny Bansal, CEO, Flipkart, said.The PhonePe team will transition to Flipkart but will function as an independent business unit, the company said in a statement.
India’s largest e-commerce company Flipkart has acquired PhonePe, a Bengaluru-based mobile payments company, which was co-founded by ex-Flipkart employees Sameer Nigam and Rahul Chari. The financial details of the acquisition were not divulged.PhonePe is building India’s a Unified Payments Interface (UPI) based product, which is, planned to go live in April. The interface will allow users to transact using their unique identification and mobile phone number or virtual payments address without sharing any other bank details.“Payments has been one of the biggest hurdles for mass adoption of online shopping in India. UPI has the potential of transforming the entire payments ecosystem in the country. The acquisition of PhonePe is in-line with Flipkart’s focus on driving innovation on the payments front. I am delighted that two Flipkart veterans – Sameer and Rahul are at the helm of this initiative,” Binny Bansal, CEO, Flipkart, said.The PhonePe team will transition to Flipkart but will function as an independent business unit, the company said in a statement.

Daily Current Affairs Videos Video Link
20th April 2019 Current Affairs Video
19th April 2019 Current Affairs Video
17th April 2019 Current Affairs Video
16th April 2019 Current Affairs Video
15th April 2019 Current Affairs Video
Watch more Current Affairs Videos

Monthly Current Affairs

Fresherslive telegram Group

Current Affairs Section

Daily Current Affairs Quiz


Subscribe to Current Affairs

Enter your email to get daily current affairs
SUBSCRIBE

Currentt Affairs 2019 April

20 APRIL
NEWS
19 APRIL
NEWS
18 APRIL
NEWS

Currentt Affairs 2019 March

31 MARCH
NEWS
30 MARCH
NEWS
29 MARCH
NEWS
28 MARCH
NEWS

Currentt Affairs 2019 February

28 FEBRUARY
NEWS
27 FEBRUARY
NEWS
26 FEBRUARY
NEWS
25 FEBRUARY
NEWS




×

₹ 250

₹ 1000

Only 15 days left !