Flipkart signs deal with Axis Bank-owned FreeCharge
This pact will also help Flipkart to maintain an edge over Paytm which is also expanding its online marketplace - Paytm Mall.
Flipkart inks a pact with Axis Bank-owned FreeCharge to expand the user base of its payments arm PhonePe into an open payment platform, said a report.
This deal will permit over 45 million Freecharge’s users to utilise their wallet balance on any of PhonePe’s merchant partners, said the report on Moneycontrol.
The partnership with PhonePe will reportedly give Freecharge access to over 60,000 merchants including MakeMyTrip, PVR, Cleartrip, FreshMenu, Faasos, Café Coffee Day, Apollo Pharmacy, KFC, Barista, and Spencer’s, over and above the 2 lakh merchants and shops it already has in its network.
As per media reports, this pact will also help Flipkart to maintain an edge over Paytm which is also expanding its online marketplace - Paytm Mall.
“We are delighted to partner with FreeCharge and offer our customers the option of using their Freecharge wallet inside the PhonePe app. This is in line with our vision of making PhonePe India’s first truly open payments platform, where customers can use any and all payment instruments of their choice,” Hemant Gala, Head of banking products & strategic partnerships for PhonePe, told Moneycontrol.
Paytm is not available as a payment option on any of the Flipkart network which has exclusive cashback partnership with Axis Bank.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
12:54 PM IST