Flipkart owned payment application PhonePe has acquired hyper local point of sales deploying company Zopper Retail for an undisclosed amount, said the company in a press note. As a part of the acquisition, Neeraj Jain, the chief executive officer at Zopper Retail will be joining PhonePe as the head of product for its offline merchant solutions.
Phonepe which is one of the biggest players in the UPI payment space, has been steadily building up its offline payment business and has developed a Bluetooth enabled payment terminal to process offline transactions.
Zopper Retail is specifically designed to meet the needs of millions of small retailers in India, and their strategy ties in very well with our overall vision of making digital payments universally accepted across the country. said Sameer Nigam, chief executive officer, PhonePe.
The company hopes with the new acquisition PhonePe will be able to merge few value added service capabilities of Zopper into its platform thereby strengthening its offline proposition for the merchants.
By joining forces with PhonePe we strengthen our commitment of using technology for simplifying our merchants billing, payments and inventory management systems. Zoppers other business line comprising of Affinity Programs and Extended Warranty will drive the growth of Zopper in the future, said Neeraj Jain, chief executive officer, Zopper.
PhonePe has been rapidly expanding its merchant base and is accepted as a payment option across 3 lakh offline and online merchant outlets covering food, travel, groceries, movie tickets etc. The company claims to have crossed the 100 million user mark and crossed the $20Bn annual payment value run rate in May 2018.
Further highlighting the app-in-app approach PhonePe recently launched mini-apps on its platform allowing users to book Ola rides, pay for Redbus tickets and avail Goibibo Hotel services from inside the PhonePe app directly.