Flipkart acquired a majority stake in local payments firm FX Mart, a sign that India’s e-commerce giant wants to develop its own mobile wallet.

FX Mart holds one of the country’s Prepaid Payment Instruments licences, which are issued by the Reserve Bank of India. The licence, awarded in August 2014, is thought to have been a key attraction for Flipkart.

Other Prepaid licensees include Airtel M Commerce Services, Vodafone m-pesa and Idea Mobile Commerce Services, backed by the country’s three leading operators.

According to documents with the Registrar of Companies, the e-commerce giant paid $6.8 million for an undisclosed majority stake in the payments firm, said Livemint. Two senior Flipkart execs also joined the board of FX Mart.

FX Mart’s services include payments, remittance and foreign exchange services.

Acquiring the firm (and its licence) will enable Flipkart to launch payment service on its app as well as that of Myntra, an e-commerce provider it also owns, according to sources.

A launch is planned within the next three months.

Later, Flipkart plans to offer its payment service to third-party sites and apps.

FX Mart applied for a payments bank licence, which enable a range of basic financial services, but failed to win one. The initial group of winners included the country’s three largest operators: Airtel, Vodafone and Idea.