Flipkart Introduces Own UPI Service in Collaboration with Axis Bank
In a bid to streamline and enhance payment services, e-commerce giant Flipkart has announced the launch of its own Unified Payments Interface (UPI) services in partnership with Axis Bank. The new offering, aptly named Flipkart UPI, aims to provide customers with a seamless and efficient payment experience directly within the Flipkart ecosystem.
In a bid to streamline and enhance payment services, e-commerce giant Flipkart has announced the launch of its own Unified Payments Interface (UPI) services in partnership with Axis Bank. The new offering, aptly named Flipkart UPI, aims to provide customers with a seamless and efficient payment experience directly within the Flipkart ecosystem.
Dheeraj Aneja, Senior VP of Flipkart’s Fintech and Payments Group, emphasized the significance of Flipkart UPI, stating, “Flipkart UPI seamlessly merges the convenience and cost-effectiveness of UPI with the trusted efficiency customers expect from us.” Aneja further reiterated Flipkart’s commitment to delivering a top-notch commerce experience, complete with safe and convenient payment options and a variety of rewards and benefits such as Supercoins and Brand Vouchers.
Here’s a comprehensive overview of Flipkart UPI and its key features:
- Available for Android Users: Initially, Flipkart UPI will cater to Android users, providing them with the convenience of making both online and offline payments directly within the Flipkart app.
- Simple Setup Process: Users can easily create a UPI ID within the Flipkart app, enabling them to seamlessly execute payments to merchants and individuals, as well as settle bills without the need to switch between multiple apps.
- Extended Coverage: The Flipkart UPI service will extend across various Flipkart group entities, including Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip, ensuring a unified payment experience across different platforms.
- Reduced Dependence on Third-Party Apps: With Flipkart UPI, customers can reduce their reliance on third-party UPI apps such as Amazon Pay, Google Pay, Paytm, and PhonePe, streamlining their payment process and enhancing overall convenience.
- Growing User Base: Flipkart boasts a massive marketplace with over 50 crore registered users and more than 14 lakh sellers. Moreover, the demand for UPI transactions continues to surge, with February witnessing a remarkable 61% year-on-year increase, totaling ₹18.3 crore across various transactions.
The introduction of Flipkart UPI underscores the company’s commitment to innovation and customer-centricity, aiming to elevate the payment experience for millions of users while fostering greater convenience and efficiency in the digital commerce landscape.
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