Flipkart has acquired Bengaluru-based mobile payments company PhonePe, multiple sources close to the development told to media. The value of the transaction could not be ascertained.
Co-founded by former Flipkart employees Sameer Nigam and Rahul Chari in December last year, PhonePe is building a product based on the new unified payments interface (UPI) of the National Payments Corporation of India (NPCI).
UPI, slated to go live in April, will allow users to transact from their smartphones by just using their unique identification number (Aadhaar), mobile phone number or a virtual payment address. There is no need to enter any bank account details.
PhonePe, which has 15 employees, will operate as an independent business unit within Flipkart. When contacted, a Flipkart spokesperson declined to comment on the matter.