GooglePay, Walmart-backed PhonePe and AmazonPay are among five payment firms seeking to join the Indian central bank’s digital currency pilot by offering transactions via the eRupee, three sources directly involved in the discussions said. Indian fintech firms Cred and Mobikwik are the other two that have applied to join the…
Initial public offerings of Walmart’s Flipkart marketplace and PhonePe digital payments platform could take a couple of years, a Walmart executive said. “This is something we’re looking at over the next couple of years,” Walmart’s executive vice president for corporate affairs, Dan Bartlett, said on the sidelines of the company’s…
India will again delay caps on market share for a popular digital payments method, two sources told Reuters, benefiting Google Pay and Walmart-backed PhonePe as the authorities prioritise growth over concerns about market concentration. The National Payments Corporation of India (NPCI), the quasi-regulator, will extend by as much as two…
Google is rolling out the SoundPod — the company’s wireless speaker that can verify payments received over the Unified Payments Interface (UPI) instant payment system — to small merchants in India, the company announced on Thursday. The company started testing the device as part of a limited trial last year and…
PhonePe launched its Android-based mobile app marketplace, Indus Appstore, in India on Wednesday, February 21. The app store was launched by the Communications, Electronics and Information Technology Minister Ashwini Vaishnaw during a hybrid event. The Walmart-owned fintech firm said its new app storefront intends to solve the major pain point…
Digital payments and fintech platform PhonePe on Monday launched a feature to pay income tax through its app. Individuals and businesses can pay self-assessment and advance tax through UPI or credit card via the application, without logging into the income tax portal, PhonePe said. The amount will be credited to…
Walmart‘s Flipkart marketplace and PhonePe payments business in India could be $100 billion (Rs. 8,19,750 crore) businesses buoyed by strong growth, the retailer’s chief financial officer said on Wednesday at an investor conference. Walmart does not break out sales of Flipkart and PhonePe but over the past few months, executives…
Retail giant Walmart on Wednesday said India’s unique ecosystem of suppliers will help the company in achieving its goal of exporting goods worth $10 billion (nearly Rs. 81, 950 crore) from the country annually by 2027. Addressing Indian suppliers and partners, Walmart President and CEO Doug McMillon reaffirmed the roadmap…
Government-promoted Open Network for Digital Commerce (ONDC) is framing a mechanism to ensure compliance with its rules by entities involved in online retail trading, a senior official said on Thursday. The ONDC aims to promote an open platform for all aspects of e-commerce retail. It would help small retailers expand…
Private equity firms Accel and Tiger Global, two early backers of Indian e-commerce firm Flipkart, are in talks to sell their remaining stake in the company to parent Walmart for about $1.5 billion (roughly Rs. 12,235 crore), the Economic Times reported on Thursday. The stake, which collectively amounts to about…
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