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.