Flipkart has introduced unified payments interface (UPI) services, allowing its users to create their own UPI handle for both online and offline transactions within and outside the e-commerce platform.
Through the Flipkart app, UPI can be utilized to make payments for various products and services, including e-commerce purchases, scanning and paying to UPI IDs, as well as recharges and bill payments, as stated in a press release by the company.
This move aims to reduce Flipkart’s reliance on third-party apps such as Google Pay, PhonePe, Paytm, and its competitor Amazon (via Amazon Pay). The company, headquartered in Bengaluru, boasts more than 500 million registered users and 1.4 million sellers on its platform.
To kickstart this initiative, Flipkart has partnered with Axis Bank, enabling users to register for UPI with the ‘@fkaxis’ handle for their digital transactions on the app. Initially, this feature will be available exclusively for Android users.
It’s worth mentioning that Flipkart also offers co-branded credit cards in collaboration with Axis Bank. Furthermore, Axis Bank is assisting the Walmart-owned company in expanding its fintech services. According to reports, Flipkart plans to launch a new fintech platform called Super.Money, which will provide lending, insurtech, and other services. This venture, led by Prakash Sikaria, is expected to receive a $20 million investment from Flipkart.
In December, Flipkart secured $600 million in funding from its parent company Walmart. The company’s total funding is anticipated to reach $1 billion, with a valuation of $32.55 billion.
Notably, in the previous year, Zomato, a major player in the foodtech industry, also introduced its own UPI services in collaboration with ICICI Bank.