Flipkart Acquires Bengaluru Mobile Payment Firm PhonePe

Flipkart to acquire PhonePe, a city-based mobile payments company co-founded by the e-commerce giant\'s two former employees.

Published: 01st April 2016 03:43 PM  |   Last Updated: 01st April 2016 03:43 PM   |  A+A-


BENGALURU: Flipkart today announced the acquisition of PhonePe, a city-based mobile payments company co-founded by the e-commerce giant's two former employees.

PhonePe, co-founded by Sameer Nigam and Rahul Chari, is building India's first Unified Payments Interface (UPI) based product.

UPI, planned to go live in April, will allow users to transact using their unique identification and mobile phone number or virtual payments address without sharing any other bank details.

In contrast to the present payments process, which involves entering numerous account/card details and multi-level interventions, UPI will provide a highly secure hassle-free digital payments experience, Flipkart said.

Anyone holding an active bank account can easily perform instant transactions by simply using their mobile phone, it said in a release.

Flipkart CEO Binny Bansal said payments has been one of the biggest hurdles for mass adoption of online shopping in India, adding, 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, he said.

Nigam said PhonePe's mission is to significantly improve the online and offline digital payments experience for millions of Indian customers.

"We are really excited to merge with Flipkart and get access to one of the largest consumer bases in the country, which will allow us to realize our vision at a much larger scale," he said.

The PhonePe team will transition to Flipkart but will function as an independent business unit, the release said.

Stay up to date on all the latest Business news with The New Indian Express App. Download now


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp