PhonePe

In May, Walmart-owned PhonePe signed the term sheet to acquire an over 90% stake in Indus OS, to boost its super app dream on the back of the latter’s content and app discovery platform.

PhonePe processed 1.14 billion UPI transactions worth USD 32 billion in May.

PhonePe plans to become profitable and file for an IPO over the next few years.

Walmart has also led a funding of USD 700 million in PhonePe.

WhatsApp Pay can now be used by 20 million users in India.

Flipkart’s payment arm PhonePe emerged as the top UPI payment destination.

The move would also help improve the acceptance of digital payments across the country.

Tech companies want to tap into customer data from small neighborhood shops in exchange for offering digital services.