Flipkart Plans To Install PhonePe On 12 Million Mobiles
Flipkart has released its newest Android app named PhonePe with an intention to facilitate online payments. With this App, Flipkart aims to target around 12 million users by December. Flipkart currently has around 75 million strong online shoppers base who frequent India’s largest online who also pay digitally for their purchases.
Flipkart has partnered with Yes bank to introduce India’s first UPI – Unified Payments Interface a mobile based payment app. The App is called PhonePe and is operates as an altogether different business unit of Flipkart. The PhonePe App is also launched and available on Google Play Store on Monday.
The app is under development for Apple iOS and is expected to be launched later this year. Myntra a group website of Flipkart has already informed its customers about Flipkart Money Wallet and Myntra cash-back being stored on the PhonePe wallet. Flipkart recently acquired fashion portal Jabong last month for $70million is also expected to convert customers with cash-back or wallet.
Designed to work as a seamless product for making payments, PhonePe medium for multiple payment solutions which includes a semi-closed loop wallet and UPI linked payment mechanism.
PhonePe has been designed to offer fund transfer, bill splitting, mobile recharge and utility bill payment services. Flipkart is banking on its UPI technology to unsettle the mobile wallet companies., which include rivals like Paytm and Snapdeal owned Freecharge.
Flipkart is planning to initially invest around $100 million in PhonePe. Speaking to Economic Times Mr. Binny Bansal CEO of Flipkart about PhonePe said-“could become as big as Flipkart one day.”