Flipkart has launched a unified payments interface (UPI) service that aims to Counter third-party payment apps like PhonePe, Google Pay, and Paytm. It will allow its users to set up their own UPI handle for online and offline merchant transactions within and outside the e-commerce marketplace. Flipkart Launches UPI Service in Partnership With Axis Bank to Counter Third-Party Apps.
Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart India, launched Flipkart’s own UPI handle on Sunday (March 3). He tweeted, “Excited to announce the launch of the @Flipkart #UPI handle, which further boosts @_DigitalIndia & ongoing #DigitalTransformation. #FlipkartUPI is accessible to over 50 crores of our customers & many more nationwide within & outside of the Flipkart #marketplace. Powered by @AxisBank, it transforms digital payments and includes unique features like #Supercoins, cashback & more. #CustomerExperience #FlipkartUPI #Innovation
Customers can register for the Flipkart UPI service with the @fkaxis handle for their digital transactions using the Flipkart app.
Feature :
- Convenience: Flipkart users can now make both online and offline payments directly within the Flipkart app. This helps eliminate the need to switch between different apps for various transactions.
- Reduced Reliance: Flipkart can now process payments independently, It reduces transaction fees and gaining more control over the user experience. This also reduces dependence on third-party payment services.
- Enhanced Competition: Entering the UPI space allows Flipkart to compete more effectively with other e-commerce platforms like Amazon, which offers its own UPI service, Amazon Pay. This move strengthens Flipkart’s position in the Indian digital payments market.
- Benefits:
- Increase user convenience and engagement within the Flipkart ecosystem.
- Reduce reliance on third-party payment platforms.
- Compete more effectively in the growing Indian digital payments market.
This is a strategic move by Flipkart to further integrate financial services into its platform and create a more comprehensive ecosystem for its users.