Big Move: Flipkart introduces its UPI service in collaboration with Axis Bank
Flipkart, a prominent player in the e-commerce industry, has recently joined the Unified Payments Interface (UPI) domain through a collaboration with Axis Bank, a leading private sector lender. This initiative marks Flipkart’s second venture into financial technology with Axis Bank, following the introduction of co-branded credit cards in 2019.
At its initial phase, the Flipkart UPI service will exclusively cater to Android users. Users can sign up for UPI services using the @fkaxis handle within the Flipkart app, enabling them to conduct fund transfers and make payments during checkout seamlessly.
Flipkart’s entry into the UPI :
Flipkart’s entry into the UPI realm occurs amidst regulatory challenges faced by Paytm, a prominent payments major, following interventions by the Reserve Bank of India (RBI) against Paytm Payments Bank. Leveraging this situation, competitors in the fintech sector have been striving to expand their market presence across various segments and attract talent. Furthermore, Flipkart’s move comes shortly after PhonePe, a leader in UPI payments in India and also a subsidiary of Walmart, separated from Flipkart around a year ago.
Having tested its UPI offering within a closed user group since 2023, Flipkart is now poised to venture into the payments domain independently following its separation from PhonePe.
According to Dheeraj Aneja, Senior Vice President of Flipkart’s Fintech and Payments Group, the launch of Flipkart UPI amalgamates the convenience and cost-effectiveness of UPI with the reliability customers associate with Flipkart’s services. Aneja emphasizes Flipkart’s commitment to delivering a superior commerce experience by providing secure and user-friendly payment options, accompanied by various rewards and benefits such as Supercoins and Brand Vouchers.
The newly introduced UPI service will offer users a range of features for conducting online and offline transactions, both within and beyond the Flipkart ecosystem. Additionally, it will introduce one-click and quick functionalities for recharges and bill payments, streamlining the payment process for customers. Through this UPI feature, Flipkart aims to provide customers with a seamless digital payment experience integrated within its checkout process.
This strategic move by Flipkart not only facilitates online and offline payments within its platform but also positions Flipkart, with its extensive user base of over 500 million registered users and 1.4 million sellers, to reduce reliance on third-party UPI applications like Paytm, PhonePe, Google Pay, and Amazon Pay.
In summary, Flipkart’s foray into the UPI space in collaboration with Axis Bank underscores its commitment to enhancing customer experience and expanding its financial technology offerings. By leveraging the widespread adoption of UPI in India, Flipkart aims to provide its users with a convenient and secure payment solution integrated within its platform, thereby strengthening its position in the competitive e-commerce landscape.
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