Home Latest News Flipkart acquires payments venture PhonePe

Flipkart acquires payments venture PhonePe

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The e-commerce site has bought mobile payments venture . However, the value of transaction is yet to be ascertained.

Flipkart acquires payments venture PhonePe
PhonePe was started in December last by former Flipkart employees, Sameer Nigam and Rahul Chari

PhonePe was started in December last by former Flipkart employees, and . At present, there are 15 employees associated with the company that will operate as an independent business unit within Flipkart.

Bengaluru-based PhonePe is building a product based on the new unified payments interface (UPI) of the National Payments Corporation of India (NPCI).

UPI is expected to go live in April. It will allow users to transact from their smartphones by using their unique identification number, mobile phone number or a virtual payment address. It won’t require the bank details of the users.