Walmart’s stake in PhonePe alone could be worth more than $14 billion in the medium term.
“Flipkart has done major innovation in the AI space and also managing data across in terms of the payment platform PhonePe is remarkable”, stated by Judith McKenna, COO of Walmart.
- Flipkart-owned payments platform PhonePe has grown its offline merchant base to over one million from 60,000 last June.
- Also, it intends to expand its footprint from 100 to 300 cities by the end of 2019.
- The firm plans to launch wealth management services soon in the first half of calendar 2019.
- Walmart is now planning to use the expertise from PhonePe and apply it in its digital wallet service Cashi.
Walmart wish to learn from PhonePe to expand new strategies to expand its customer base
PhonePe has launched a Point of Sale (PoS) device powered by Bluetooth technology for its offline merchants in areas with the patchy Internet or no connectivity. This has helped the company grow its merchant base significantly in the last two years.
PhonePe; a value creator for Walmart – With planned and better technologies and expertise in PhonePe, it is clearly understood that PhonePe turns out to be the biggest value creator for Walmart.