PhonePe received its RBI licensing on 25 August 2014 (valid until 31 August 2019) but started its operations only by December 2015 and by April 2016, it was acquired by Flipkart [REF].
As a result of the 2016 Indian banknote demonetisation, PhonePe became among the very 1st apps[REF][REF] of making online payments (cashless), based on the government-backed UPI platform [REF].