$500 mil­lion

Mint ST - - FRONT PAGE -

Com­mit­ment made by Flip­kart to ex­pand Phonepe

in­vested by Wal­mart in Oc­to­ber as part of the $500 mn com­mit­ment

Apart from push­ing its QR codes, Phonepe has also been ex­pand­ing its point of sale (POS) ter­mi­nals

Wal­mart has been con­sid­er­ing a plan to spin off Phonepe since last year, Mint re­ported on 1 Oc­to­ber.

Founded by three for­mer Flip­kart ex­ec­u­tives Sameer Nigam, Rahul Chari and Burzin En­gi­neer, the pay­ments busi­ness has emerged as an in­te­gral part of Flip­kart’s over­all strat­egy.

The plat­form was also an es­sen­tial part of Wal­mart’s rea­son to in­vest in the Flip­kart group last year.

The dig­i­tal pay­ments mar­ket in In­dia has been boom­ing with com­pa­nies such as Paytm, Phonepe and Google Pay lead­ing the charge. Dig­i­tal pay­ments in In­dia are ex­pected to ex­ceed cash trans­ac­tions by 2022, ac­cord­ing to an IDC Fi­nan­cial In­sights re­port.

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