Flipkart today announced the acquisition of PhonePe, a Bangalore based mobile payments company. Co-founded by ex-Flipkart employees Sameer Nigam and Rahul Chari, PhonePe is building India\u2019s first Unified Payments Interface (UPI) based product.\r\n \r\nUPI, planned to go live in the April, will allow users to transact using their unique identification and mobile phone number or virtual payments address without sharing any other bank details. In contrast to the present payments process, which involves entering numerous account\/card details and multi-level interventions, UPI will provide a highly secure hassle-free digital payments experience. \r\n\r\nAnyone holding an active bank account can easily perform instant transactions by simply using their mobile phone.\r\n \r\nCommenting on this acquisition, Binny Bansal, CEO, Flipkart, said, \u201cPayments has been one of the biggest hurdles for mass adoption of online shopping in India. UPI has the potential of transforming the entire payments ecosystem in the country. \r\n\r\nThe acquisition of PhonePe is in-line with Flipkart\u2019s focus on driving innovation on the payments front. I am delighted that two Flipkart veterans \u2013 Sameer and Rahul are at the helm of this initiative.\u201d\r\n \r\nSameer Nigam, Co-founder, PhonePe commented, \u201cPhonePe\u2019s mission is to significantly improve the online and offline digital payments experience for millions of Indian customers. We are really excited to merge with Flipkart and get access to one of the largest consumer bases in the country, which will allow us to realize our vision at a much larger scale\u201d\r\n \r\nThe PhonePe team will transition to Flipkart but will function as an independent business unit.