Indian e-commerce platform Flipkart announced the acquisition of PhonePe, a Bangalore based mobile payments company.
Co-founded by Sameer Nigam and Rahul Chari, ex-Flipkart employees, PhonePe is building India’s first Unified Payments Interface (UPI) based product.
PhonePe is planning to launch UPI in April allowing users to transact using their unique identification and mobile phone number or virtual payments address without sharing any other bank details. Bank account holders can perform instant transactions by using their mobile phone.
Binny Bansal, CEO of Flipkart, said: “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.”