Flipkart partners with Axis Bank, launches UPI services
E-commerce major Flipkart on Sunday launched its Unified Payments Interface (UPI) services in collaboration with Axis Bank.
Initially, Flipkart UPI will be accessible to Android users. Loyalty features such as Supercoin, cashback, milestone benefits, and brand vouchers will be made available to its users.
Flipkart had been testing its UPI services for a while. It will allow users to make UPI payments without switching to other applications.
The introduction of UPI services by consumer internet firms is significant given that the National Payments Corp. of India (NPCI) has been trying to lower its over-reliance on a handful of players.
The new UPI offering comes after Flipkart demerged with PhonePe, the largest private UPI operator, in late 2022.
“With UPI emerging as the preferred payment option, the launch of Flipkart UPI will be offering unparalleled convenience and zero-cost solutions democratising access to seamless payment options. The UPI offering will enable smooth onboarding and allow users to conveniently avail the feature for both online and offline merchant transactions within and outside the Flipkart marketplace,” the company said.
Dheeraj Aneja, senior vice president, fintech and payments group at Flipkart, said: "The launch of Flipkart UPI seamlessly merges the convenience and cost-effectiveness of UPI with the trusted efficiency customers expect from us. At Flipkart, we are committed to delivering the best-inclass commerce experience to customers by offering safe and convenient payment options along with a wide array of rewards and benefits such as Supercoins, and brand vouchers, among others.”
Commenting on the tie-up, Sanjeev Moghe, president and head for cards and payments, Axis Bank, said: “Our 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.”
“Customers can now register for UPI with @fkaxis handle, and do all fund transfers and checkout payments using the Flipkart app,” he added.