E-commerce marketplace Flipkart has launched its Unified Payments Interface (UPI) handle to further enhance its digital payment offerings for not only its over 500 million consumers but new users as well. Loyalty features like Supercoins, Cashbacks, Milestone benefits, and brand vouchers will be available post the UPI launch.
With the tagline ‘Bharat ka Apna UPI’ and powered by Axis Bank, Flipkart UPI will initially be available for Android users. Customers can now register for UPI with @fkaxis handle and can do fund transfers and checkout payments using the Flipkart app.
According to NCPI, in 2023, UPI processed over 117 billion transactions worth Rs 182.84 trillion, showcasing a dynamic landscape with participation from banks, payment service providers, and fintech companies, thus emerging as the preferred payment option. The launch of Flipkart UPI aims to provide convenience and democratize access to seamless payment options. Enabling smooth onboarding, it will allow users to conveniently avail of online and offline merchant transactions within and outside of the Flipkart marketplace.
It also introduces one-click and quick functionalities for recharges and bill payments, enhancing overall payment efficiency for users. With the new UPI feature, customers will get an intuitive, safe, and convenient digital payment experience through its integrated checkout funnel and incentives including the benefit of instant refunds, making the transaction process a hassle-free and satisfying experience.
Dheeraj Aneja, senior vice president for fintech and payments group at Flipkart, said, "Recognising the dynamic digital landscape, the launch of Flipkart UPI seamlessly merges the convenience and cost-effectiveness of UPI with the trusted efficiency customers expect from us. At Flipkart, we are committed to delivering the best-in-class commerce experience to customers by offering safe and convenient payment options along with a wide array of rewards and benefits such as Supercoins, Brand Vouchers, and others. Furthermore, Flipkart UPI underscores our dedication to shaping a digitally-empowered society and reaffirms our role as a leading catalyst in India's digital evolution."
Commenting on the partnership, Sanjeev Moghe, president and head for and & payments for Axis Bank, said, “Customers can now register for UPI with @fkaxis handle and can do all fund transfers and checkout payments using the Flipkart app. This solution is cloud hosted and hence provides one of the most stable and scalable UPI platforms for customers.”
Started in 2007, Flipkart Group includes group companies Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip. With a registered user base of more than 500 million, its marketplace offers over 150 million products across 80 categories and has over 14 lakh sellers on the platform, including Shopsy sellers.
