Indian e - commerce company Flipkart has acquired it as part of its plan to build a payments business to compete with visa and Snapdeal . This Bangalore - based company was co - founded by two former employees from Flipkart and will continue to operate as an independent entity in spite of the acquisition . The financial details of this transaction have not yet been disclosed . PhonePe is developing a product based on India ’s Unified Payments Interface ( UPI ) , a new form of electronic payments system where users make a financial transaction using a mobile number , email address or unique identification . This system is to be launched in April . Online payments have been viewed as the main obstacle to mass uptake of online shopping in India ; however , UPI promises to revolutionaries the entire system .
Indian e-commerce company Flipkart has acquired PhonePe as part of its plan to build a payments business to compete with PayTM and Snapdeal. This Bangalore-based company was co-founded by two former employees from Flipkart and will continue to operate as an independent business in spite of the acquisition. The financial details of this transaction have not yet been disclosed. PhonePe is developing a product based on India’s Unified Payments Interface (UPI), a new form of electronic payments processing where users make a financial transaction using a mobile number, payments address or unique identification. This system is to be launched in April. Online payments have been viewed as the main obstacle to mass uptake of online shopping in India; however, UPI promises to revolutionaries the entire system.