Flipkart To Acquire Ngpay?

Given that mobile devices are driving massive traction for ecommerce players (Snapdeal gets 50% orders from mobile), companies need to scale up the mobile payment services.
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Flipkart will probably become an m-commerce company by 2016.

What it translates to is that Flipkart needs to be massively present in mobile space and improve its payment services / conversions on mobile devices.ngpay

Given that mobile devices are driving massive traction for ecommerce players (Snapdeal gets 50% orders from mobile), companies need to scale up the mobile payment services, which is probably the reason why Flipkart would like to acquire Ngpay (Important to note thatĀ Flipkart has also foray into payment gateway space, i.e. Payzippy).

Ngpay was started in 2008 raised $2.2mn from Helion and was rumored to be raising $10mn in 2011. The Bangalore based payment company has 3.8 million userbase and has been popular owing to its partnership with IRCTC.

[The article will be updated with more details, as we receive them.]

[source : ET Now channel].

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