India-based e-commerce company Flipkart has reportedly invested $65m into its mobile payments app PhonePe.
Flipkart has made the investment as part of its planned $500m commitment to expand PhonePe, according to a report by Deal Street Asia. The company was acquired by Flipkart for an undisclosed amount back in 2016, to help it enter the mobile payments space and compete with rivals like Paytm.
PhonePe, which is available on Android and iOS, is a digital payments solution which lets users send money, pay bills, online shopping, and others. A consumer simply connects their bank account to PhonePe and then they can access mobile payments through online transfers, POS teminals or through QR code scanning.
A business solution is currently being developed by PhonePe to support them with accepting and processing mobile payments from customers.
Last month, the company launched a partnership with Ola, a cab-booking solution in India. PhonePe users can access an AutoPay service to pay for their journeys through the mobile app, with payments being automatically made when they arrive at their destination.
Founded in 2007, Flipkart is an online shopping platform which offers over 80 million products across more than 80 categories. The company has around 100 million registered users and 100,000 sellers, according to the company website.
Earlier in the year, US retail corporation Walmart reportedly acquired a 77 per cent stake in Flipkart in a deal worth $16bn. The sale saw Softbank sell its 20 per cent share in the company.
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