Tech firms are buying out mobile wallet and online payment start-ups to ramp up their payment infrastructure. Growing momentum in India!
PayU’s acquisition of Citrus Payment Solutions Pvt. Ltd in a $130-million deal in September is the largest deal in online payment sector in terms of value. Photo: Bloomberg Mumbai: Indian financial technology start-ups saw 12 acquisitions in 2016, according to a report published by the start-up tracker, Tracxn. Six of these were in mobile wallet and online payments segment, which includes PayU Payments Private Ltd’s acquisition of Citrus Payment Solutions Pvt. Ltd in a $130 million deal in September—also the largest deal in this sector in terms of value. Some of the other buyouts include Amazon India’s acquisition of online payment gateway services Emvantage Payments Pvt. Ltd, Flipkart Ltd’s acquisition of Unified Payment Interface-based payment app PhonePe, Ola’s acquisition of interbank mobile payment platform Qarth and Shopclues’ acquisition of mobile wallet for offline stores Momoe Technologies Pvt. Ltd.