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Flipkart Invests Rs 670 Cr to Develop Its Own Digital Payments Business

by Chinmay Bidkar
July 21, 2016
in News
Reading Time: 2 mins read
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Flipkart Invests Rs 670 Cr to Develop Its Own Digital Payments Business

IMAGE- estrade.in

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IMAGE- estrade.in
IMAGE- estrade.in

 

21 July 2016, India :

Just yesterday Flipkart came up with it’s own way to counter Amazon Prime by launching ‘F Assured’ and today Flipkart is taking control of its cash transaction business.

Flipkart is soon going to implement it’s digital wallet- PhonePe and raised Rs 670 crore for it. Flipkart recently acquired PhonePe, a Bangalore based mobile payments company. It was Co-founded by ex-Flipkart employees Sameer Nigam and Rahul Chari. Anyone holding an active bank account can easily perform instant transactions by simply using their mobile phone.

“Designed as an omni-channel product, PhonePe will be a container for multiple payment solutions which includes a semi-closed loop wallet and “have a tie up with a large bank for UPI,” Sameer Nigam, founder of PhonePe, told ET.

“This is a long-term strategic bet for us, and we believe PhonePe could become as big as Flipkart one day,” said CEO of Flipkart Binny Bansal.

“PhonePe will focus on building highly India-centric digital payment solutions. We have decided to build a new brand because PhonePe is addressing different consumer needs and the brand should reflect the same,” he added.

 

unicorns in india flipkart

Initially, PhonePe will be available for customers on Myntra, recently acquired by Flipkart and for users of its logistic arm — eKart. Gradually, the company plans to roll out the platform to other digital platforms. Like PayTm, Freecharge and other online payment services at present, PhonePe will eventually enter offline payment segment as well enabling local stores, kirana shops with UPI.

Flipkart is an e-commerce company founded in 2007 by Sachin Bansal and Binny Bansal. The company is registered in Singapore, but has its headquarters in Bangalore, Karnataka, India.

 

Also Read- 

‘F Assured’- Flipkart’s Brand New Service to Take on Amazon Prime

Myntra to Acquire Hrithik Roshan’s HRX

Tags: Binny BansalDigital Payments Businesse-commerceflipkartfundingMyntraPhonePe
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Chinmay Bidkar

Curious, Keen Observant & Dynamic! Chinmay finds peace in meeting people who work hard for humanity. He has new found interest in Gadgets and Techs and at Techstory he gets to write about it! Reach out at- [email protected]

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