Flipkart acquires payments venture PhonePe

The e-commerce site Flipkart has bought mobile payments venture PhonePe. However, the value of transaction is yet to be ascertained.
PhonePe was started in December last by former Flipkart employees, Sameer Nigam and Rahul Chari. At present, there are 15 employees associated with the company that will operate as an independent business unit within Flipkart.
Bengaluru-based PhonePe is building a product based on the new unified payments interface (UPI) of the National Payments Corporation of India (NPCI).
UPI is expected to go live in April. It will allow users to transact from their smartphones by using their unique identification number, mobile phone number or a virtual payment address. It won’t require the bank details of the users.