Updated March 3rd, 2024 at 15:36 IST

Flipkart ventures into digital payments, launches UPI with Axis Bank

The move comes after its demerger with PhonePe in 2022

Reported by: Business Desk
Flipkart launches UPI with Axis Bank | Image:Flipkart
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Flipkart UPI: Walmart-backed e-commerce major Flipkart has ventured into digital payments with the launch of UPI payments, the company announced on Sunday, March 3.

The solution, heralded in partnership with Axis Bank, will help customers set up their own UPI handle for online and offline transactions within and outside of the Flipkart marketplace, Flipkart said in a statement.

Dheeraj Aneja, Senior Vice President - Fintech and Payments Group at Flipkart said, "Recognising 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."

Flipkart UPI underscores our dedication to shaping a digitally-empowered society and reaffirms our role as a leading catalyst in India's digital evolution, he added.

Accessible to Android users for now, Flipkart UPI can be used for product or service payments, e-commerce transactions, scan and pay to UPI as well as for recharges and bill payments.

To register on the UPI service, users can register using @fkaxis and manage digital transactions, including fund transfers and checkout payments through the Flipkart app.

The distinctive features of the UPI launch include Supercoins, Cashbacks, Milestone  benefits and brand vouchers, Flipkart said.

The feature, which was reportedly being tested since 2023, will allow for in-app payments for Flipkart users as they shop online. It will also see its digital commerce entities, including  Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.

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UPI payments last year surpassed over 117 billion transactions valued at Rs 182.84 trillion, including the consolidated ecosystem of banks, fintechs and payment service providers, as per NPCI data.

Flipkart in 2022 had demerged with PhonePe, with the parent company of both firms Walmart opting for a direct stake in the fintech company. PhonePe subsequently shifted its registered unit from Singapore to India.

Food delivery platform Zomato has also announced the launch of its UPI payments, which received RBI authorisation to operate as a payments aggregator in January. 
 

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Published March 3rd, 2024 at 15:36 IST