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PhonePe looks to ride on Walmart to become India's e-payments king

PhonePe wants to dethrone its Alibaba and SoftBank-backed rival, Paytm, claiming that additional capital that Walmart will bring to the table will help it grow much faster

PhonePe app
PhonePe app. Image: Website

Flipkart’s digital payment app PhonePe is looking at tapping the resources of US retail giant Walmart, which on Wednesday announced it was acquiring 77 per cent stake in the Indian e-commerce firm for $16 billion, to become the largest digital payments service provider in the country in the next two years. PhonePe wants to dethrone its Alibaba and SoftBank-backed rival, Paytm, claiming that the additional capital that Walmart will bring to the table will help it grow much faster. The mandate seems to have arose after Walmart CEO Doug McMillon said that PhonePe had the ...