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.

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

Current Affairs Weekly PDF

Current Affairs Monthly PDF

Current Affairs Quiz

Current Affairs Monthly PDF Hindi

Currentt Affairs 2019 January

20 JANUARY
NEWS
19 JANUARY
NEWS
18 JANUARY
NEWS
17 JANUARY
NEWS

Currentt Affairs 2018 December

31 DECEMBER
NEWS
30 DECEMBER
NEWS
29 DECEMBER
NEWS
28 DECEMBER
NEWS

Currentt Affairs 2018 November

30 NOVEMBER
NEWS
29 NOVEMBER
NEWS
28 NOVEMBER
NEWS
27 NOVEMBER
NEWS