Flipkart recently launched its own UPI service to reduce reliance on third-party apps. The e-commerce giant has launched its UPI service for both offline and online payments within and outside the e-commerce app.
Flipkart Launches UPI Service
Flipkart UPI service is made in collaboration with Axis Bank. In the initial phase, this service will only be available for Android users, according to the e-commerce giant. This move will reduce the e-commerce giant’s dependence on other Fintech majors including Phone pe, Google Pay and Amazon.
Flipkart’s Viewpoint
“Recognizing the dynamic digital landscape, the launch of Flipkart UPI seamlessly merges the convenience and cost-effectiveness of UPI with the trusted efficiency customers expect from us,” Dheeraj Aneja, Senior Vice President, Fintech and Payments Group at Flipkart.
Flipkart UPI Service: Who Will Benefit?
Presently, the e-commerce company has more than 50 crore registered users and more than 14 lakh sellers on its own marketplace which will benefit from the newly launched UPI Service of Flipkart. Customers will be able to make their UPI ID on Flipkart on its e-commerce app to enable online payments on its own platform. The e-commerce giant will also use this UPI service on other platforms owned by it which include Myntra, Flipkart Wholesale, Cleartrip and Health+.
Axis Bank’s Official Statement
“Axis Bank has always been at the forefront of extending multiple payment flows of UPI to its customers. We continue to scale our growth in UPI with partnerships and innovations. 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,” Sanjeev Moghe, President and Head, of Cards & Payments, Axis Bank, said.
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