your password has been reset successfully, Please login again.

Flipkart owned PhonePe buys Zopper retail to boost offline presence

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.
BY BEx Bureau
BusinessEx
Jul 16, 2018

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.

Please add your Comment
SIMILAR News
April 22, 2019
International Finance Corporation, an investment arm of World Bank, decides to endow $75 million as ...More
By Jaspreet Kaur
April 22, 2019
Steller Value Chain, a Mumbai-based logistics company, will buy Patel Integrated, a Surface transpor ...More
By Jaspreet Kaur
April 18, 2019
The acquisition will incorporate an advanced cash consideration of INR 32 crore (ZAR 65 million) ...More
By Jaspreet Kaur
April 18, 2019
The online footwear company said that it will be using the garnered capital to hire experienced prof ...More
By Jaspreet Kaur
April 17, 2019
APL Apollo, an Indian steel manufacturer, has confirmed reports of acquiring a manufacturing unit of ...More
By Jaspreet Kaur
April 17, 2019
TA Associates, an American private equity firm has obtained a small portion of shares in the Indian ...More
By Jaspreet Kaur
April 16, 2019
The California-based Wibmo will operate as a wholly owned subsidiary of PayU ...More
By Jaspreet Kaur
April 16, 2019
CureFit is actively acquiring companies to expand its business for almost a year now ...More
By Jaspreet Kaur
April 12, 2019
The microcredit company, Sindhuja Microcredit, is the new generation financing firm which caters fin ...More
By Jaspreet Kaur
April 11, 2019
International Finance Corporation (IFC), a sister company of World Bank, has decided to endow money ...More
By Jaspreet Kaur
April 11, 2019
The Indian IT giant, Tech Mahindra will acquire 18.1 per cent stakes in Vitaran Electronics and Info ...More
By Jaspreet Kaur
April 10, 2019
The online investment market is a forthcoming theme in fintech (financial technology) sector ...More
By Jaspreet Kaur