Flipkart Joins UPI Race; Unveils UPI HandleFlipkart has introduced its UPI service, Flipkart UPI, to enhance its digital payment offerings. The Walmart-owned company said that users will be able to set up their own UPI handle for online and offline merchant transactions within and outside of the Flipkart marketplace with the help of Flipkart UPI.
“With the tagline ‘India’s Most Rewarding UPI’, this innovative and secure solution marks a significant leap forward in enhancing the overall payment experience for users across India,” said Flipkart in a statement. The popular e-commerce company introduced the service in collaboration with Axis Bank. It is to be noted that the service will initially be available only for Android users. Flipkart also announced that loyalty features including Supercoins, cashback, milestone benefits, and brand vouchers will be made available after the UPI launch.
With this initiative, the e-commerce company is likely planning to reduce its dependence on third-party UPI platforms such as Google Pay, Amazon Pay, and PhonePe. The company also mentioned in its statement that the launch of Flipkart UPI will deliver “unparalleled convenience and zero-cost solutions, democratizing access to seamless payment options.” On the Flipkart app, the UPI handle can be used to pay for any product or service, including e-commerce transactions, Scan and Pay to UPI ID, recharges, and bill payments. Livemint reported that the platform has been testing its UPI offering since last year.
It is worth mentioning that, as per the National Payments Corporation of India (NPCI) data, transactions through the unified payments interface (UPI) platform crossed the 100 billion mark last year. “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,” said Dheeraj Aneja, senior vice president, fintech and payments group at Flipkart.