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Business News/ Companies / News/  Flipkart launches digital payments service Flipkart UPI
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Flipkart launches digital payments service Flipkart UPI

Consumer internet companies introducing their own UPI offerings is significant in the context of the National Payments Corporation of India trying to reduce UPI’s over-reliance on a few players.

The new UPI offering comes after Flipkart demerged with PhonePe, the largest UPI player, in late 2022. Photo: ReutersPremium
The new UPI offering comes after Flipkart demerged with PhonePe, the largest UPI player, in late 2022. Photo: Reuters

Ecommerce company Flipkart on Sunday launched its UPI services, Flipkart UPI, in partnership with Axis Bank. Flipkart UPI will initially be available for Android users, the company said. Loyalty features such as Supercoins, cashback, milestone benefits and brand vouchers will be made available after the UPI launch, it added. 

Flipkart has been testing its UPI offering since last year. The service will allow its users to make UPI payments without switching to other applications. Consumer internet companies introducing their own UPI offerings is significant in the context of the National Payments Corporation of India (NPCI) trying to reduce UPI’s over-reliance on a few players.

The new UPI offering comes after Flipkart demerged with PhonePe, the largest UPI player, in late 2022. “With UPI emerging as the preferred payment option, the launch of Flipkart UPI will provide unparalleled convenience and zero-cost solutions, democratising access to seamless payment options. The UPI offering will enable smooth onboarding and allow users to conveniently avail of the feature for online and offline merchant transactions within and outside the Flipkart marketplace," the company said.

Dheeraj Aneja, senior vice president, fintech and payments group at Flipkart, said, "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."

Commenting on the partnership, Sanjeev Moghe, president & head, cards & payments, Axis Bank, said, “Our partnership with Flipkart has come a long way from launching one of India's most successful co-branded credit cards to now launching the Flipkart UPI service. Customers can now register for UPI with the @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."

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ABOUT THE AUTHOR
Samiksha Goel
Samiksha, a seasoned journalist at Mint based in Bengaluru, specialises in covering startup ecosystems. With a keen interest in understanding the dynamics of emerging startups, she seeks out compelling narratives to share with her audience. Previously associated with The Morning Context, Samiksha delved into long-form investigative pieces focusing on consumer internet startups. Her journey in journalism began with contributions to Deccan Herald and New Indian Express, where she covered both startup ventures and the food industry. Drawing from her background in philosophy, Samiksha strives to infuse depth into her storytelling. Outside of work, she enjoys reading books and exploring the diverse cafe culture of Bengaluru. Eager for engaging discussions, Samiksha never misses an email and is always open to conversations.
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Published: 03 Mar 2024, 01:01 PM IST
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