Flipkart acquires mobile payments firm PhonePe

India’s largest e-commerce company Flipkart has acquired PhonePe, a Bengaluru-based mobile payments company, which was co-founded by ex-Flipkart employees Sameer Nigam and Rahul Chari. The financial details of the acquisition were not divulged.

PhonePe is building India’s a Unified Payments Interface (UPI) based product, which is, planned to go live in April. The interface will allow users to transact using their unique identification and mobile phone number or virtual payments address without sharing any other bank details.

Flipkart:

Flipkart is an e-commerce company founded in 2007 by Sachin Bansal and Binny Bansal. The company is registered in Singapore, but has its headquarters in Bangalore, Karnataka, India. Flipkart has launched its own product range under the name “DigiFlip” with products including tablets, USBs, and laptop bags.
Flipkart CEO: Binny Bansal

Extra info:
  • PhonePe’s mission is to significantly improve the online and offline digital payments experience for millions of Indian customers. We are really excited to merge with Flipkart and get access to one of the largest consumer bases in the country.
  • Sameer Nigam, co-founder, PhonePe.

So lets do:
  • Who is the CEO of Flipkart?
  • Flipkart acquires mobile payments firm ______.
  • Who is the Co.founder of PhonePe?

Source – The Hindu

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