Flipkart, a leading e-commerce platform, has introduced its Unified Payments Interface (UPI) service for both online and offline transactions within and beyond its application.
This initiative aims to lessen Flipkart’s reliance on third-party UPI apps such as Paytm, PhonePe, Google Pay, and Amazon Pay, given its substantial user base of over 500 million registered users and 1.4 million sellers.
Dheeraj Aneja, Senior Vice President of Flipkart’s Fintech and Payments Group, emphasized the convenience and cost-effectiveness of Flipkart UPI, aligning with customer expectations.
Users can now generate a UPI ID within the Flipkart app to facilitate payments to merchants, individuals, and bill payments, streamlining the process without needing to switch between apps.
Developed in collaboration with Axis Bank, this service will initially cater to Android users, with plans to expand its availability across Flipkart’s group companies like Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.
Sanjeev Moghe, President and Head of Cards & Payments at Axis Bank, highlighted their commitment to enhancing UPI offerings through partnerships and innovations, citing their successful collaboration with Flipkart.
Other e-commerce players, including Zomato, Amazon, and Tata Neu, have also launched their UPI services to enhance customer service and bypass third-party payment apps.
February witnessed a significant surge in UPI transactions, with 1.21 billion transactions totaling Rs 18.3 lakh crore, marking a 61 percent increase from the previous year.
