PhonePe- Flipkart to launch contactless ‘Scan and Pay’ feature
Digital payments platform PhonePe has tied hands with Flipkart to launch a contactless ‘Scan and Pay’ feature for Flipkart’s pay-on-delivery orders.
- Dynamic QR code solution of PhonePe will enable customers, to pay digitally through UPI Apps during the delivery of product, who earlier opted for cash on delivery.
- This feature will help in reducing personal contact while ensuring safety.
- It will drive contactless payments for customers who are traditionally comfortable with cash on delivery.
- Digitisation of these cash-based payments will provide a major boost to e-commerce and will also contribute to larger goal of Digital India.
- This facility will enable customers to pay just by scanning the PhonePe QR code. Customers can make contactless payments from home for deliveries from Flipkart.
PhonePe, founded in December 2015, is an Indian digital payments and financial services. It is headquartered in Bangalore, India. It was founded by Sameer Nigam, Rahul Chari and Burzin Engineer. This app is based on Unified Payments Interface (UPI). The app went live in August 2016. The app is available across 11 Indian languages. It is used to send & receive money, data cards, recharge mobile, DTH, pay at shops, make utility payments, invest in tax saving funds and liquid Funds. It can be used to buy insurance, mutual funds and gold. PhonePe also allows users to book Ola rides, pay for Redbus tickets, book flights & book hotels on Goibibo using Switch platform.
Unified Payments Interface (UPI)
UPI is an instant real-time payment system which was developed by National Payments Corporation of India. It facilitates inter-bank transactions. UPI are regulated by Reserve Bank of India. It works by transferring funds between two bank accounts on mobile platform, instantly.
Month: Current Affairs - July, 2021
Category: Economy & Banking Current Affairs
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