The domestic e-commerce giant Flipkart India Pvt. Ltd. has acquired Bengaluru-based mobile payments firm PhonePe Internet Pvt. Ltd, for an undisclosed amount.
Flipkart continues to be the market leader in India in the e-commerce sector. PhonePe that has 15 employees currently, was started in December last year by ex-employees Sameer Nigam, Rahul Chari and Burzin Engineer, of the e-commerce giant .
Reportedly, PhonePe is building a product based on the fresh unified payments interface (UPI) of the National Payments Corporation of India (NPCI). Even after the acquisition, PhonePe will work as an independent business unit within Flipkart.
As per reports, UPI is set to go live in April. It will let users to make transactions by just using their unique identification number (Aadhaar), mobile number or a virtual payment address from their smartphones. Notably, there will be no more requirement to fill in the bank account details for making transactions.