Flipkart unveils own UPI service to rival Amazon, Paytm and PhonePe
Flipkart unveils own UPI service to rival Amazon, Paytm and PhonePe
Flipkart will have its own Unified Payments Interface (UPI) service for online and offline payments within and outside the e-commerce major’s app.
The service, in collaboration with Axis Bank, will initially be available for Android users, the company said in a statement.
Flipkart with this rollout plans to reduce dependence on third-party UPI apps such as Paytm, PhonePe, Google Pay and Amazon Pay.
According to Dheeraj Aneja, Senior Vice President, Fintech and Payments Group at Flipkart recognizing 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 them.
The firm reportedly has over 50 crore registered users and 14 lakh sellers on its marketplace.
Customers can create a UPI ID on the Flipkart app to make payments to both merchants and individuals and also pay bills without switching apps.
The in-house UPI facility will be spread across Flipkart group companies including, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.
Sanjeev Moghe, President and Head, Cards & Payments, Axis Bank, articulated that “Axis Bank has always been at the forefront of extending multiple payments flows of UPI to its customers and they continue to scale their growth in UPI with partnerships and innovations.
Their 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,”
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News Edit K.V.Raman
