How PhonePe is inching towards becoming market leader in the payments space

The Walmart-backed payments firm's market share stands at 33.4%, behind market leader Paytm's 42%; but its app was used in 53% of smartphones in the domestic market, compared to Paytm's 51.3%

Late last year, when Flipkart went through a major restructuring backed by its new owner Walmart, after the exit of co-founder and then Group CEO Binny Bansal, one thing that surprised many was the move to allow PhonePe, the payments arm, to operate almost independently, and away from the clutches of the Bengaluru-based e-commerce firm.

More than six months since, when several of the top global investors and technology companies are understandably making beeline to invest into the Sameer Nigam-led company, it only makes things clearer as to what the intention back then was. It's not just that PhonePe has