Flipkart Launches Its Own UPI Services with Axis Bank

Flipkart, a prominent e-commerce platform, has introduced its Unified Payments Interface Flipkart UPI services in collaboration with Axis Bank. 

This new feature, named Flipkart UPI, arrives amidst a trend where e-commerce entities are developing their UPI handles to streamline customer payments and eliminate the need for redirection to third-party applications.

Statement from Flipkart:

Dheeraj Aneja, Senior VP of the Fintech and Payments Group at the app, expressed enthusiasm about Flipkart UPI, highlighting its ability to merge the convenience and affordability of the feature with the trusted efficiency customers associated with the app.

Some Key Features of Flipkart UPI:

1. Flipkart UPI serves online and offline transactions within and beyond the app, initially catering to Android users.
2. Users must create a UPI ID within the app to utilize the service, enabling them to make payments to merchants and individuals and settle bills seamlessly without switching applications.
3. The service extends across various entities within the Flipkart group, including Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.
4. By integrating it, the e-commerce platform aims to reduce reliance on third-party UPI applications like Amazon Pay, Google Pay, Paytm, and PhonePe.

Growth and Potential:

Flipkart boasts a vast user base, with over 50 crore registered users and more than 14 lakh sellers on its marketplace. 

In February alone, the platform witnessed a significant surge in UPI transactions, with 1210 crore transactions valued at ₹18.3 crore, marking a substantial 61% increase from the previous year.

Get all the latest news on Indian daily post.