Flipkart Buys Mobile Payments Firm Phone Pe [ Current News (Concise) ]
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.
- 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