Flipkart launched its Wallet ‘Flipkart Money’ in March this year. Now Flipkart Money” has been upgraded to “PhonePe Wallet”. Users can redeem the wallet balance in Flipkart, Myntra and many other websites and mobile apps
PhonePe is India’s 1st UPI-based mobile payments app. UPI (Unified Payments Interface) is a new way of transferring money to friends and family, directly from your bank account. No need to enter bank details to transfer money. No need to top up wallets either. Just link a bank account to the App once, and pay for all your shopping directly from your bank account.
India’s digital payment business is growing fast, and Flipkart want a piece of it, and they decided to compete with others like Freecharge and PayTM.
You can download the app from Playstore now.
PhonePe has partnered with YesBank Ltd to work with the new app. Only AAndroid version is available now, and iOS version will be available later this year. Flipkart said in July it will invest $100 million in PhonePe over the next few years. If this app works out as planned, it may help Flipkart slash the number of cash transactions, lower costs and make its supply chain more efficient.
Flipkart has more than 75 million registered users and Myntra has more than 10 million active monthly users. PhonePe is riding on this combined user base to attract its first wave of customers.
“Our goal is to convert cash payments into cashless both online and offline. So (the captive) user base is a very good starting point. Within the next two months, PhonePe will also be available on Jabong (which is also owned by Flipkart) and a few other online platforms,” said one of the two persons, a Flipkart executive.