News Update

Flipkart Launches UPI Service, Aims to Compete with Amazon and Paytm

• ByStartupStory     |    March 4, 2024

E-commerce giant Flipkart has stepped into the realm of Unified Payment Interface (UPI) with the introduction of its Flipkart UPI. With this move, Flipkart positions itself in direct competition with Amazon, Paytm, and other payment services in India. The new UPI service is designed to provide enhanced features, including supercoins, cashbacks, milestone benefits, and branded vouchers, catering to Flipkart’s vast customer base of over 500 million users.

Dheeraj Aneja, Senior Vice President – Fintech and Payments Group at Flipkart, expressed the company’s commitment to merging the convenience and cost-effectiveness of UPI with the trusted efficiency customers expect. The UPI feature facilitates seamless onboarding, enabling convenient online and offline merchant transactions within and outside the Flipkart marketplace.

Flipkart has collaborated with Axis Bank for the initial stage, allowing users to sign up for UPI through the Flipkart app using the @fkaxis handle. Android users can now register and utilize the UPI payment method for various transactions, including e-commerce transactions, recharges, and bill payments.

Sanjeev Moghe, President & Head – Cards & Payments, Axis Bank, highlighted the long-standing partnership with Flipkart, from launching co-branded credit cards to now introducing the Flipkart UPI service. Users can register for UPI with the @fkaxis handle, conducting fund transfers and checkout payments seamlessly through the Flipkart app.

To encourage adoption, Flipkart is offering incentives such as Rs 25 off on the first purchase and 20 super coupons for the initial five purchases made through Flipkart UPI. The company aims to compete with established UPI apps like Paytm, Amazon Pay, PhonePe, and BHIM.

Despite recent executive departures, Flipkart remains a significant player in the digital commerce space, boasting a vast product range of over 150 million items across 80 categories. The company continues to evolve its services, with the recent launch of a same-day delivery service for 20 cities, providing customers with the convenience of placing orders by 1 pm and receiving them before midnight. This service is set to expand to additional cities in the coming months, covering a diverse range of products from mobiles and fashion to beauty products and electronics.

 

 

Follow Startup Story