
Flipkart is set to introduce its own Unified Payments Interface (UPI) service, facilitating both online and offline transactions within and beyond the boundaries of its e-commerce platform. Teaming up with Axis Bank, this service will initially cater to Android users, as disclosed in a statement released by the company.
This strategic move by Flipkart aims to diminish reliance on third-party UPI applications like Paytm, PhonePe, Google Pay, and Amazon Pay. Dheeraj Aneja, Senior Vice President of the Fintech and Payments Group at Flipkart, emphasized the significance of this launch, citing the evolving digital landscape and the fusion of UPI’s convenience and cost-efficiency with Flipkart’s renowned customer service.
With a reported user base of over 500 million and 1.4 million sellers on its platform, Flipkart’s in-house UPI service promises a seamless experience for its customers. Users can effortlessly create a UPI ID within the Flipkart app, enabling them to make payments to merchants and individuals, as well as settle bills without switching between multiple applications.
Moreover, this in-house UPI solution will extend across various entities under the Flipkart umbrella, including Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip. Sanjeev Moghe, President and Head of Cards & Payments at Axis Bank, highlighted the bank’s commitment to fostering multiple payment avenues through UPI, underscoring the longstanding partnership between Axis Bank and Flipkart, which began with the successful launch of co-branded credit cards and has now culminated in the introduction of the Flipkart UPI service.