Mumbai: Walmart owned Flipkart launched its UPI (United Payments Interface) handle on Sunday.
Powered by Axis Bank, flipkart upi Will initially be available only for Android users. Users can setup their own upi handle for online and offline merchant transactions within and outside the Flipkart marketplace, the company said in a statement. Flipkart claims to have more than 500 million registered users.
On the app, Flipkart UPI can be used to pay for any product or service, including e-commerce transactions, recharges and bill payments. The company’s move into the payments sector comes at a time when digital adoption is increasing in the country and consumers are increasingly moving towards online transactions. UPI is already a preferred payment option. In 2023, UPI processed over 117 billion transactions worth Rs 182.84 trillion.
With this launch, Flipkart is competing at the doorstep of its rival Amazon which runs its own payments vertical. on amazon Apart from other payment firms like Paytm, PhonePe and Google Pay. “Flipkart UPI is set to significantly disrupt India’s digital payments system, in line with the digital economy vision, while strategically addressing the growing acceptance of digital payments and bringing millions of new users to the UPI ecosystem. Provides an opportunity to leverage,” the company said. Dheeraj Aneja, Senior Vice President, Fintech and Payments Group at Flipkart, said, the launch of Flipkart UPI seamlessly combines the convenience and cost-effectiveness of UPI with the reliable efficiency customers have come to expect from the company.
“Our partnership with Flipkart has come a long way from launching one of India’s most successful co-branded credit cards to now launching Flipkart UPI service. This solution is cloud hosted and hence offers one of the most stable and scalable UPI platforms for customers,” said Sanjeev Moghe, President and Head, Cards and Payments, Axis Bank.
Powered by Axis Bank, flipkart upi Will initially be available only for Android users. Users can setup their own upi handle for online and offline merchant transactions within and outside the Flipkart marketplace, the company said in a statement. Flipkart claims to have more than 500 million registered users.
On the app, Flipkart UPI can be used to pay for any product or service, including e-commerce transactions, recharges and bill payments. The company’s move into the payments sector comes at a time when digital adoption is increasing in the country and consumers are increasingly moving towards online transactions. UPI is already a preferred payment option. In 2023, UPI processed over 117 billion transactions worth Rs 182.84 trillion.
With this launch, Flipkart is competing at the doorstep of its rival Amazon which runs its own payments vertical. on amazon Apart from other payment firms like Paytm, PhonePe and Google Pay. “Flipkart UPI is set to significantly disrupt India’s digital payments system, in line with the digital economy vision, while strategically addressing the growing acceptance of digital payments and bringing millions of new users to the UPI ecosystem. Provides an opportunity to leverage,” the company said. Dheeraj Aneja, Senior Vice President, Fintech and Payments Group at Flipkart, said, the launch of Flipkart UPI seamlessly combines the convenience and cost-effectiveness of UPI with the reliable efficiency customers have come to expect from the company.
“Our partnership with Flipkart has come a long way from launching one of India’s most successful co-branded credit cards to now launching Flipkart UPI service. This solution is cloud hosted and hence offers one of the most stable and scalable UPI platforms for customers,” said Sanjeev Moghe, President and Head, Cards and Payments, Axis Bank.