PhonePe, an online payment arm of Flipkart, has recently unleashed its UPI (unified payments interface) based mobile wallet. The introduction can be marked as the company’s strategy to explore the new gist of the online payments segment. PhonePe, acquired by Flipkart in April this year, is a joint venture of Flipkart’s ex-employees, Sameer Nigam and Rahul Chari.
Initially, the online payments wallet has been launched in association with Yes Bank and currently, it supports only the android systems. Under PhonePe, Flipkart will offer various bill payment services, peer-to-peer money transfers and often used mobile recharges, DTH recharges among other such utilities. As per the company’s policy, its existing users of Myntra and Flipkart will be upgraded to PhonPe wallet service and this will enable them to easily access their refunds and many more services.
Flipkart is quiet moved by the online payments sector and earlier, it had announced that the firm will be investing around US $100 million for its payment business in next three months. With this new move, the company is all set to lock horns with one of the market leaders in this segment, Paytm and FreeCharge, owned by Snapdeal.