Flipkart launches its own UPI service to boost digital economy
Flipkart has unveiled its Unified Payments Interface (UPI) service, aiming to improve digital payment options for its over 500 million users. The Flipkart UPI will allow customers to create their own UPI handle for merchant transactions both on and off the platform. To note, in 2023, UPI handled more than 117 billion transactions valued at nearly Rs. 183 lakh crore, illustrating a vibrant landscape involving banks, payment service providers, and fintech companies.
Loyalty features and one-click functionality
After launching UPI, Flipkart plans to offer loyalty perks like Supercoins, cashback, brand vouchers, and milestone benefits for a unique customer experience. Users can pay for any product or service using Flipkart UPI, such as e-commerce transactions, scan and pay to UPI ID, recharges, and bill payments. The service also introduces one-click and quick options for recharges and bill payments, making the payment process more efficient.
Take a look at the post from Flipkart's CCO
Partnership with Axis Bank for @fkaxis handle
Initially, Flipkart has teamed up with Axis Bank to let users register for UPI with the @fkaxis handle through the Flipkart app. Sanjeev Moghe, president and head of Cards & Payments at Axis Bank, mentioned that the bank's partnership with Flipkart has grown from launching one of India's most successful co-branded credit cards to now introducing the Flipkart UPI service. He added that the cloud-hosted solution offers "one of the most stable and scalable UPI platforms for customers."
It is up for usage on Andorid
Promoting itself as "India's Most Rewarding UPI," Flipkart UPI aims to deliver a secure and convenient digital payment experience with its integrated checkout funnel and several incentives and benefits, including instant refunds. The UPI service will initially be available for Android users, the company said.
