Flipkart, one of India’s leading e-commerce giants, has officially entered the Unified Payments Interface (UPI) arena with the launch of its in-house UPI service. Developed in collaboration with Axis Bank, the service is set to provide Android users with a convenient and efficient payment solution, marking Flipkart’s strategic move to reduce reliance on third-party UPI apps.
Empowering Users:
With a user base exceeding 50 crores and a vast network of 14 lakh sellers on its platform, Flipkart aims to enhance the payment experience for its customers. The in-house UPI service allows users to create a UPI ID within the Flipkart app, facilitating seamless transactions for both online and offline purchases. Customers can also utilize the UPI service to pay bills without the need to switch between different applications.
Comprehensive Integration:
The Flipkart UPI service is not limited to the e-commerce platform alone; it extends its functionality across various Flipkart group companies. This includes Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip, providing users with a unified and comprehensive payment solution across multiple domains.
Strategic Collaboration with Axis Bank:
The UPI service is launched in partnership with Axis Bank, a financial institution known for its active role in multiple payments flows. The collaboration aims to leverage the strengths of both Flipkart and Axis Bank to deliver a robust and reliable UPI experience for users.
Industry Dynamics:
Flipkart’s foray into the UPI space follows similar moves by industry players like Zomato, which recently introduced its UPI service. As digital payments continue to gain prominence, companies are strategically investing in in-house UPI solutions to offer a seamless and integrated financial experience to their users.
Dheeraj Aneja, Senior Vice President, Fintech and Payments Group at Flipkart, stated, “Recognizing the dynamic digital landscape, the launch of Flipkart UPI seamlessly merges the convenience and cost-effectiveness of UPI with the trusted efficiency customers expect from us.”
Sanjeev Moghe, President and Head, Cards & Payments, Axis Bank, added, “Our partnership with Flipkart has come a long way from launching one of India’s most successful co-branded credit cards to now launching the Flipkart UPI service.”
