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Flipkarts Payment Arm PhonePe Collaborated With Rival FreeCharge

10Jan By PriyankaNo Comments

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Flipkarts Payment Arm PhonePe Collaborated With Rival FreeCharge

Flipkarts payment wallet PhonePe today said it has partnered mobile wallet company FreeCharge to allow the latters customers pay for transactions at PhonePes partner merchants. According to the deal terms, PhonePe has now enabled its over 45 million users to link their existing FreeCharge wallets to the PhonePe app, PhonePe said in a statement. Once linked, PhonePe customers will be able to spend their FreeCharge wallet balance at all online and offline merchant outlets that accept payments via PhonePe, it added. "This is in line with our vision of making PhonePe Indias first truly open payments platform, where customers can use any and all payment instruments of their choice," PhonePe Head Banking Products and Strategic Partnerships Hemant Gala said. To pay via FreeCharge on P...

Amazon India Gets RBI Nod For Mobile Wallet

Online marketplace Amazon India has secured a licence to operate pre-paid payment instrument (PPI) or mobile wallet in the country as it tries to compete more aggressively against rivals Snapdeal and Paytm. The approval will help the US-based giant to cash in on the booming digital payments market in India. "We are pleased to receive our PPI license from the RBI (Reserve Bank of India). Our focus is providing customers a convenient and trusted cashless payments experience," Amazon India said in a statement yesterday. In December, Amazon had launched its Pay Balance service to cash in on the digital payments boom. Similar to other mobile wallet services, the payment mechanism, however, was restricted to transactions made on Amazon's platform. Amazon Pay runs on the PPI licence issue...

Mobikwik Raised USD 50 Million (Rs 330 crore) in Funding

Mobile wallet company Mobikwik today said it has raised USD 50 million (about Rs 330 crore) in funding, led by Japanese payments firm Gateway and Taiwanese chip maker MediaTek. Its existing investors such as Sequoia Capital and Treeline Asia also participated in the current round of funding. The company said it will use the proceeds for product innovations, team building, and user growth. "Despite the current business climate when funding has become challenging, unit economics, sustainable growth and a sound business model are what investors are focusing their attention on. We are very excited to live up to the investors expectations and raise the funding where even larger players are failing to raise funds," Mobikwik founder and CEO Bipin Preet Singh said in a statement. MobiKwiks...