Flipkart Buys Mobile Payments Firm Phone Pe [ Current Affairs ]


About Phone Pe: Phone Pe is an UPI based application to provide a cashless and seamless payment experiences. It’s features are: Pay & Receive Money: By using this feature we can pay, request and receive money from our mobile by just selecting a mobile number.

  • Pay Your Bills: we can pay bills of satellite TV balances by using this feature.
  • Pay Merchants: we can shop in store and also online without troubling by cash or multiple OTPs/pins.
  • Instant Money Transfer: we can request money and send money to other mobile by entering just mobile number.
  • Any Phone Pe app can be accessed 4-digit PIN.

About Flipkart:

  • Flipkart is a company which provides online shopping.
  • It was founded by Sachin Bansal and Binny Bansal in 2007 at Bangalore of Karnataka, India.
  • It has launched its own products like tablets, USBs and laptop bags under its name “DigiFlip”.
  • In 2014 it received investment of 210 million Dollars from DST (Digital Sky Technologies) Global which is an investment company founded by Yuri Milner.

Flipkart acquired following companies:

  • WeRead, Mime360, Chakpak. com, Letsbuy. com and Myntra. com.
  • About acquirement of Phone Pe by Flipkart:
  • Flipkart has acquired Bengaluru-based mobile payments company PhonePe for a private amount.
  • PhonePe is founded by Flipkart’s ex-employees Sameer Nigam and Rahul Chari.
  • The interface of mobile payments will allow users to transact using their unique identification and mobile phone number or virtual payments address.
  • This will done without sharing any other bank details with anyone as bank account will perform immediate transactions by using mobile phone.

- Published on: April 4, 2016