Flipkart had acquired PhonePe mobile payment service in April last year. Now, the company has now rolled out the Unified Payments Interface (UPI) based service.
The PhonePe payment service will allow users to transact using their unique identification and mobile phone number or virtual payments address without sharing any other bank details. This is unlike the present payments process, which involves entering various account/card details and multi-level interventions. Anyone holding an active bank account can easily perform instant transactions by simply using their mobile phone.
PhonePe has partnered with Yes Bank Ltd to offer its app. It will first offer mobile recharges, bill payment services and peer-to-peer money transfers on its app-based platform. The PhonePe service will be available for Flipkart and Myntra users. Flipkart had said in July it will invest $100 million in PhonePe over the next few years. Flipkart claims that it has more than 75 million registered customers.