Business
Flipkart launches UPI handle – Latest News | India Business News – Times of India
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MUMBAI: Walmart-owned Flipkart on Sunday launched its UPI (united payments interface) handle.
Powered by Axis Bank, Flipkart UPI will initially be available only for Android users. Users can set up their own UPI handle for online and offline merchant transactions within and outside of the Flipkart marketplace, the company said in a statement. Flipkart claims to have over 500 million registered users.
On the app, Flipkart UPI can be used to pay for any product or service including e-commerce transactions, recharges and bill payments. The company’s move into the payments space comes at a time when digital adoption in the country is on the rise and consumers are fast switching to online transactions. UPI is already a preferred payment option. In 2023, UPI processed over 117 billion transactions worth Rs 182.84 trillion.
With this launch, Flipkart is taking competition to the doors of its rival Amazon which runs its payment vertical Amazon Pay besides other payment firms like Paytm, PhonePe and Google Pay. “Flipkart UPI stands poised to substantially impact India’s digital payments system, aligning to the vision of the digital economy while strategically addressing the surging adoption of digital payments and providing an opportunity for millions of new users to avail the advantages of the UPI ecosystem,” the company said. The launch of Flipkart UPI seamlessly merges the convenience and cost-effectiveness of UPI with the trusted efficiency customers expect from the company, added Dheeraj Aneja, senior vice president, fintech and payments group at Flipkart.
“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. This solution is cloud hosted and hence provides one of the most stable and scalable UPI platforms for customers,” said Sanjeev Moghe, president and head, cards and payments at Axis Bank.
Powered by Axis Bank, Flipkart UPI will initially be available only for Android users. Users can set up their own UPI handle for online and offline merchant transactions within and outside of the Flipkart marketplace, the company said in a statement. Flipkart claims to have over 500 million registered users.
On the app, Flipkart UPI can be used to pay for any product or service including e-commerce transactions, recharges and bill payments. The company’s move into the payments space comes at a time when digital adoption in the country is on the rise and consumers are fast switching to online transactions. UPI is already a preferred payment option. In 2023, UPI processed over 117 billion transactions worth Rs 182.84 trillion.
With this launch, Flipkart is taking competition to the doors of its rival Amazon which runs its payment vertical Amazon Pay besides other payment firms like Paytm, PhonePe and Google Pay. “Flipkart UPI stands poised to substantially impact India’s digital payments system, aligning to the vision of the digital economy while strategically addressing the surging adoption of digital payments and providing an opportunity for millions of new users to avail the advantages of the UPI ecosystem,” the company said. The launch of Flipkart UPI seamlessly merges the convenience and cost-effectiveness of UPI with the trusted efficiency customers expect from the company, added Dheeraj Aneja, senior vice president, fintech and payments group at Flipkart.
“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. This solution is cloud hosted and hence provides one of the most stable and scalable UPI platforms for customers,” said Sanjeev Moghe, president and head, cards and payments at Axis Bank.
