Singapore-based Flipkart Payments Pvt Ltd. plans to inject US$500 million into its Indian payment arm, PhonePe, to boost operations, the Press Trust of India reported Oct. 12.

The capital infusion will be used to scale up PhonePe's technology platforms and quickly expand its merchant network and consumer base. While no timeline was given for the fund infusion, PhonePe CEO Sameer Nigam said the investment will go toward maintaining an "aggressive growth rate for the next two years." The company, he added, has been expanding at a rate of over 100% every two months in 2017.

This comes after the Reserve Bank of India said Oct. 11 it will enable interoperability between mobile wallets through the Unified Payments Interface system within six months.

Previously, PhonePe had received a capital infusion of US$75 million from Flipkart, formerly known as FX Mart Pvt Ltd., since it was acquired in 2015.