Flipkart, one of India's leading e-commerce platforms, has launched its own Unified Payments Interface (UPI) services in collaboration with Axis Bank. Termed as Flipkart UPI, this initiative aims to enhance customer experience by providing seamless payment options directly within the Flipkart ecosystem, reducing the need for redirection to third-party apps for transactions.
Dheeraj Aneja, Senior VP of Fintech and Payments Group at Flipkart, highlighted the significance of Flipkart UPI, stating, "Flipkart UPI seamlessly merges the convenience and cost-effectiveness of UPI with the trusted efficiency customers expect from us." He emphasized Flipkart's commitment to delivering best-in-class commerce experiences by offering safe and convenient payment options along with various rewards and benefits such as Supercoins and Brand Vouchers.
Here's a breakdown of what Flipkart UPI entails:
1. Accessibility and Usage: Initially available only for Android users, Flipkart UPI facilitates both online and offline payments within and outside the Flipkart app.
2. Creating UPI ID: Users are required to create a UPI ID within the Flipkart app to utilize the service. This enables them to make payments to merchants and individuals, as well as pay bills without the hassle of switching between multiple apps.
3. Integration Across Platforms: The Flipkart UPI service will extend to other entities within the Flipkart group, including Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip, ensuring a seamless payment experience across various platforms.
4. Reduced Dependence on Third-party Apps: Flipkart UPI aims to minimize reliance on third-party UPI apps like Amazon Pay, Google Pay, Paytm, and PhonePe, offering users a more integrated and streamlined payment ecosystem within the Flipkart platform.
5. Market Reach and Transaction Volume: With over 50 crore registered users and more than 14 lakh sellers on its marketplace, Flipkart's introduction of UPI services comes at a time when UPI transactions are witnessing significant growth. In February alone, the total number of UPI transactions surged by 61% year-on-year, reaching 1210 crore transactions with a total value of ₹18.3 crore.
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