Flipkart, a leading e-commerce platform, has introduced its own Unified Payments Interface (UPI) service for both online and offline transactions, accessible within and outside its application.
This initiative aims to reduce Flipkart’s reliance on third-party UPI apps like Paytm, PhonePe, Google Pay, and Amazon Pay. With over 500 million registered users and 1.4 million sellers, Flipkart intends to enhance convenience and cost-effectiveness for its customers.
Dheeraj Aneja, Senior Vice President of Flipkart’s Fintech and Payments Group, highlighted the significance of this launch, stating that it merges the ease and affordability of UPI with Flipkart’s trusted efficiency.
Customers can now generate a UPI ID within the Flipkart app, enabling them to make payments to merchants and individuals, as well as settle bills seamlessly without switching between applications.
Initially available for Android users, this service is a collaboration between Flipkart and Axis Bank, as announced by the company on March 3rd. The proprietary UPI service will be extended to encompass various entities within the Flipkart group, including Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.
E-commerce companies have been introducing their UPI handles to enhance customer service and prevent redirection to third-party payment applications.
Zomato, a prominent player in food delivery, recently unveiled its UPI service, joining competitors like Amazon and Tata Neu, which have already been offering similar services. Additionally, platforms such as WhatsApp and MakeMyTrip have also established their UPI handles.
In February, UPI transactions totaled 1.21 billion, amounting to a value of Rs 18.3 trillion. This marks a notable 61% increase compared to the same period last year.
