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Homepage of PhonePe as on 20 Feb, 2017
|PhonePe Private Limited|
|Headquarters||Bengaluru, Karnataka, India|
|Services||Unified Payments Interface|
PhonePe is a Fin-Tech company headquartered in Bangalore, India. Founded in December 2015, it provides online payment system based on Unified Payments Interface (UPI), which is a new process in electronic funds transfer launched by National Payments Corporation of India (NPCI).
PhonePe had their licence to operate on 26 August 2014 and began its operations on December 2015. However, on April 2016, the company was acquired by Flipkart. Flipkart's Vice President in Marketing Sameer Nigam was assigned as their new CEO.
A day later NPCI renounces that PhonePe is indeed in violations of the UPI norms to which PhonePe shuts down its operations on Flipkart's website, to align itself with the compliances as stipulated in the updated verdict from NPCI.
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