The decision to streamline its offerings on ONDC comes after PhonePe’s separation from the Flipkart group last year, leading to the establishment of Pincode as a separate entity and app In a strategic move aimed at refining its ecommerce approach, Walmart-backed PhonePe has announced significant changes to its subsidiary, Pincode, within the Open Network for […]
Data analysis firm GlobalData reports a significant surge in India’s mobile wallet market, with the unified payments interface (UPI). Their report highlights a robust 72.1 per cent compound annual growth rate (CAGR) in the value of mobile wallet payments between 2019 and 2023, reaching Rs 202.8 trillion (USD 2.5 trillion) by 2023. This growth is […]
E-commerce marketplace Flipkart, owned by US-based retail giant Walmart, has witnessed a substantial dip in valuation, plummeting by approximately USD 5 billion or around Rs 41,000 crore as of January 2024 compared to its value in January 2022. This decline is revealed through equity transactions executed by Walmart, Flipkart’s parent company. According to Walmart’s restructuring […]
Flipkart had its best Big Billion Days (BBD) in 2023, driving Walmart’s foreign sales growth in the fourth quarter of FY24. During the quarter, the US-based retailer’s overseas sales rose 17.6 per cent year on year (YoY) to USD 32.4 billion. In constant currency terms, revenues for the category increased by 13 per cent YoY to USD 31.2 billion. Other […]
A recent announcement by the Reserve Bank of India (RBI) directing Paytm Payments Bank to halt services by February end, has led local Kirana store owners to start using other payment apps for business. A survey conducted by Kirana Club indicates that 69 per cent of respondents use the Paytm QR code for daily transactions […]
In a strategic move to cut costs and diversify its supply chain, Walmart, the world’s largest retailer, has significantly increased its imports from India, reducing its reliance on China, according to exclusive data obtained by Reuters. Data from bill of lading figures, shared by data firm Import Yeti, reveals that Walmart shipped a quarter of […]
The fintech platform PhonePe is likely to launch consumer lending on its platform by January 2024, according to a report from a leading media house. The Walmart-backed platform is expected to operate as a distributor for personal loans. The fintech is in the final stages of integration with five lenders from banks and non-banking financial […]
At an investor conference, Walmart’s Chief Financial Officer, John David Rainey has said that Walmart’s Flipkart marketplace and PhonePe payments business in India has the potential to become USD 100 billion businesses due to their strong growth. While specific sales figures for Flipkart and PhonePe are not disclosed by Walmart, the company has emphasised the […]
Walmart Inc. and other PhonPe shareholders will have to pay nearly USD 1 billion in taxes after the digital payments company relocated its headquarters to India, according to the media report. The bill is the result of the relocation and increase in value of PhonePe which Walmart acquired a majority stake in after acquiring parent […]
