On Sunday, Flipkart introduced its UPI service, Flipkart UPI, aiming to boost digital payment solutions for its vast user base of over 500 million customers and contribute to India’s digital advancement. Axis Bank powers Flipkart UPI, which is initially available to Android users. Registration involves obtaining a unique @fkaxis handle, enabling fund transfers and checkout payments within the Flipkart app.
Post-launch, Flipkart plans to integrate loyalty features such as Supercoins, cashback, and brand vouchers to enhance customer engagement. Dheeraj Aneja, Senior Vice President at Flipkart, emphasises their commitment to fostering a digitally empowered society through Flipkart UPI.
The UPI offering facilitates seamless online and offline transactions both within and beyond the Flipkart marketplace. It streamlines recharges, bill payments, and merchant transactions, enhancing overall payment efficiency.
In 2023, UPI recorded over 117 billion transactions totalling Rs 182.84 trillion, highlighting its rapid growth and widespread adoption. Flipkart acknowledges the dynamic landscape, emphasising collaboration among banks, payment service providers, and fintech firms.
Sanjeev Moghe, President & Head of Cards & Payments at Axis Bank, lauds the partnership’s evolution, from launching co-branded credit cards to introducing Flipkart UPI. The collaboration highlights Flipkart’s commitment to driving innovation and expanding its UPI ecosystem.
