Bengaluru: Flipkart’s payments arm PhonePe could turn out to be the biggest value creator for Walmart, which bought a controlling stake in the online retailer for $16 billion last year. It is not surprising then that Walmart executives mentioned PhonePe almost 20 times during their three-day-long annual shareholders’ meeting held last month at Bentonville, Arkansas. “This makes PhonePe a compelling service for physical retailers to use at an early stage in the fintech expansion in India." “We are happy to share when it comes to ownership," Walmart CEO Doug McMillon said on the sidelines of the annual shareholders’ meeting held last month. The Walmart leadership said that PhonePe’s expertise in digital payments can be used to help Walmart’s Cashi digital wallet service in Mexico.

Source: Mint July 01, 2019 18:33 UTC