Flipkart COO Nitin Seth looks to ‘bring back the DNA’ by rehiring old hands

Nitin SethE-commerce major Flipkart, which has seen continuous churn at the top level for the last few quarters, is quietly working to revamp its senior leadership team by bringing back old hands. At least half-a-dozen senior executives have returned to the company in the last few months. Flipkart COO Nitin Seth, who also oversees the human […]

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Flipkart-owned PhonePe in talks with PayPal to raise funds

PhonePeFlipkart-owned PhonePe is in talks to raise a significant amount of funding independently at a valuation of about $500 million as strategic investors line up for a slice of India’s booming e-payments market, a national daily reported on Wednesday, citing people aware of the development. A report in The Times of India said that PhonePe […]

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ICICI Bank allows UPI transactions through Flipkart’s PhonePe

In U-turn, NPCI tells PhonePe to adhere to UPI normsAfter weeks of confusion and a near-verbal spat between Flipkart’s e-wallet PhonePe and ICICI Bank, the private sector lender has finally allowed UPI-based transactions on the payments app. “The merchant has now adhered to the NPCI guidelines on interoperability by making the necessary corrections in its app,” an ICICI Bank spokesperson said in a statement […]

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Flipkart’s PhonePe lashes out at ICICI, accuses bank of ‘flexing muscle’

FlipkartThe tussle between Flipkart’s digital wallet PhonePe and ICICI Bank over the UPI payments issue has taken the form of a public spat, with the startup’s founder and CEO Sameer Nigam accusing the country’s biggest private-sector lender of “flexing its muscle to overcome what they believe is competition.” On Saturday, PhonePe had halted payments through […]

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Flipkart halts UPI payments after NPCI reverses stand in ICICI-PhonePe tussle

For-GolfLan-Story-VC_ThinkstockPhotos-590062312Flipkart-owned PhonePe has halted payments through the unified payment interface (UPI) option on the e-commerce company’s app as National Payments Corporation of India (NPCI) and ICICI Bank turn up the heat on the digital wallet to adhere to interoperability norms, a financial daily reported on Saturday. “PhonePe has disabled UPI-based payment support for its merchant […]

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In U-turn, NPCI tells PhonePe to adhere to UPI norms

In U-turn, NPCI tells PhonePe to adhere to UPI normsMaking a U-turn in the tussle between private-sector lender ICICI Bank and Flipkart’s digital wallet PhonePe, National Payments Corporation of India (NPCI) on Friday said PhonePe doesn’t adhere to interoperability norms of the Unified Payments Interface (UPI). NPCI, the umbrella organisation for all retail payments systems in India, added that PhonePe needs to first adhere […]

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ICICI Bank rejects NPCI call to unblock PhonePe

For-ICICI-Reject-Story_Shah-JunaidThe tussle between ICICI Bank and online retailer Flipkart’s digital wallet, PhonePe, isn’t likely to end soon with the private-sector lender again refusing to allow transactions through the payment app. The latest refusal comes after National Payments Corporation of India (NPCI), an umbrella organisation for all retail payments system in India, on Thursday evening asked […]

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ICICI Bank blocks transactions through Flipkart’s PhonePe as turf war looms

For-ICICI-Story_Shah-Junaid_feIn what is a sign of rising competition between large banks and digital wallets over grabbing the retail payment pie, India’s largest private bank, ICICI Bank, has blocked payments by its customers on Flipkart-owned digital wallet PhonePe, citing “security-related” concerns. In an emailed response to Techcircle, an ICICI Bank spokesperson said that it has raised […]

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Flipkart CEO says Amazon can’t win e-commerce battle with capital

Binny BansalFlipkart and Amazon — the top two e-commerce players in India — are engaged in a fierce battle for supremacy in the country’s fastest growing market. Even after gaining around 80% market share in fashion e-commerce, the market leader Flipkart faces stiff competition from its arch rival Amazon which is pouring money into India to […]

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Flipkart acquires PhonePe to strengthen payments business

VCCircle_Flipkart8E-commerce giant Flipkart has acquired Bangalore-based mobile payments company PhonePe, its third acquisition in the payments solution space. PhonePe Internet Pvt Ltd, founded by former Flipkart employees Sameer Nigam and Rahul Chari last year, is building a payments solution based on the Unified Payments Interface (UPI), an initiative of the National Payments Corporation of India. […]

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