Discover the latest game-changing move by Flipkart! Say goodbye to payment hassles as Flipkart introduces its own Unified Payments Interface (UPI) service, revolutionizing how you pay online. With seamless transactions and convenience at your fingertips, shopping has never been easier!
Flipkart Introduces UPI Service for Seamless Payments
Flipkart, one of the leading e-commerce platforms, has launched its own Unified Payments Interface (UPI) service to facilitate both online and offline transactions within and outside its app. This strategic move aims to reduce reliance on third-party apps like Paytm, PhonePe, Google Pay, and Amazon Pay.
Dheeraj Aneja, Senior Vice President of Fintech and Payments Group at Flipkart, highlighted the significance of this launch in adapting to the evolving digital landscape. By integrating the Unified Payments Interface seamlessly into its platform, the American-owned e-commerce giant aims to combine the convenience and cost-effectiveness of UPI with the trusted efficiency expected by its vast customer base, which boasts over 500 million registered users and 1.4 million sellers.
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Key Features and Benefits
Customers can now create their UPI IDs directly within the e-commerce app, enabling them to make payments to merchants and individuals, as well as settle bills without needing to switch between multiple apps. This service, developed in collaboration with Axis Bank, initially caters to Android users, with plans for broader accessibility in the future. Aneja emphasized the company’s commitment to delivering an exceptional commerce experience, encompassing secure and convenient payment options along with various rewards and benefits like Supercoins and Brand Vouchers.
The in-house Payments Interface facility extends beyond the e-commerce giant’s main platform to encompass its subsidiary companies, including Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip. This integration ensures a consistent and streamlined payment experience across the entire ecosystem.
Partnership with Axis Bank
Sanjeev Moghe, President and Head of Cards & Payments at Axis Bank, underscored the bank’s commitment to expanding its Unified Payments Interface offerings through strategic partnerships and innovations. The collaboration marks another milestone in their relationship, following the successful launch of co-branded credit cards.
The introduction of the Payments Interface handled by e-commerce giants reflects a broader trend in the industry to enhance customer service and reduce reliance on third-party payment apps. Competitors such as Zomato, Amazon, and Tata Neu have also launched their payment interface services to cater to evolving consumer preferences.
Growing Adoption of Unified Payments Interface
The surge in Unified Payments Interface transactions, with February recording 1.21 billion transactions valued at Rs 18.3 trillion, underscores the increasing popularity and trust in this digital payment mode. This represents a significant 61% increase from the same period last year, indicating a growing preference among consumers.
The Walmart-owned e-commerce giant’s introduction of its Unified Payments Interface service represents a strategic initiative to offer customers a seamless and efficient payment experience while reducing dependency on external platforms. With the backing of Axis Bank and its expansive ecosystem, the company aims to further enhance its position in the competitive e-commerce landscape while catering to the evolving needs of its diverse customer base.
Bhaarat Bulletin’s Shikha Rai, Bimal Dev, and Flipkart have contributed to the above report