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In terms of volume, UPI-based transactions increased to 5,353 million in 2018-19 from 915.2 million, a jump of 83 percent in a year, according to the data.
Google Pay, PhonePe clock 300 mn transactions each in July, get 35 per cent market share each; one-time leader Paytm lags at 16 per cent
The e-commerce company is eyeing a valuation of $8-12 billion
PhonePe was recently authorised by Flipkart’s board to become a separate entity
Although the digital revolution is fairly recent in India, it has seen exponential growth due to a favourable regulatory environment, deeper smartphone penetration and growing internet access.
The investment talks come shortly after the board of Flipkart approved a move to make PhonePe a separate entity
WhatsApp’s reach and acceptability in India are fine, but regulatory hurdles can make life hard for the Facebook firm
RBI also slapped monetary penalties on Western Union and MoneyGram
Speaking to Moneycontrol, Ankit Gaur, director, online business, PhonePe, said: "It is early days of IPL and we have already started seeing growth in transactions."
The Reserve Bank of India proposes to put in place a framework on turnaround time for the resolution of customer complaints and compensation framework across all authorised payment systems by the end of June 2019.
PhonePe has recently received an in-principle nod to be hived off.
As an introductory offer, users will receive 15 percent cashback upto Rs 100 on their first transaction.
PhonePe has seen rapid acceptance across India including in its tier 2 and tier 3 cities.
Such a mandate would also protect payment data of Indian users from being used to "sharpen user targeting engines" of companies like Google and Facebook who also offer products like search, maps and social media, PhonePe alleged in its blog.
In its fourth investment in two years, Amazon has pumped in Rs 230 crore or $34 million into its Indian digital payments arm
As a part of the acquisition, Neeraj Jain, founder and CEO of Zopper will join the PhonePe team as Head of Product, offline merchant solutions.
PhonePe has managed to establish itself as a 360 degree payments service provider, instead of restricting itself to being a payments facilitator for Flipkart.
PhonePe has also added 'Auto-pay' feature that allows users to make payments seamlessly.
Last month, RBI released guidelines asking all payment system operators to ensure that data is stored only within the country, and comply with the order by October 15, 2018.
Consumers can choose from various payment options such as PhonePe wallet, unified payment interface (UPI)... and pay for their food orders seamlessly within the Swiggy app, the companies said in a joint statement.
The company is currently in talks with several businesses with high-frequency transactions in sectors such as food delivery, ticketing, entertainment for exclusive partnerships over the next six months.
This investment adds to the USD 75 million funds infusion Flipkart made in PhonePe since acquiring it in 2015
"A large part of the money raised from the latest deals struck with Tencent, Microsoft and eBay, will be invested in new businesses, especially PhonePe and fintech," Flipkart Co-Founder and CEO Binny Bansal said.
Transactions done through the Unified Payments Interface (UPI) have seen a massive jump, in what would be a boost to Prime Minister Narendra Modi’s push towards digital payment.