Flipkart-owned payments platform PhonePe has entered into a partnership with Ola Cabs where users can book an Ola through the PhonePe app. With this integration, PhonePe users can also avail an AutoPay feature.
The autopay feature, which PhonePe claims is a first in payments, allows users to set up a payment instruction one time after which fares will be deducted automatically. Users have the flexibility of setting and switching off AutoPay instructions when they want. The feature will be available to all the users by end of this week. Commenting on the partnership, Rahul Chari, Co-founder and CTO, PhonePe said the feature is aimed at making payments seamless.
In February, PhonePe accounted for 16% of all UPI transactions, whereas Paytm responsible for 40% of all UPI transactions. Paytm used this number to call itself the biggest pie in the market. PhonePe contradicted this claim by calling out Paytm what the numbers do not show. Read here.
Flipkart infused the payments app with Rs 518 crore via Flipkart Payments, a Singapore-based subsidiary of the e-commerce giant. The investment is part of the $500 million commitment Flipkart made to invest in PhonePe last year. PhonePe, which claims to have 100 million users, also said it is partnering with stakeholders in the travel, hospitality, ticketing and food.