India’s leading E-commerce giant, Flipkart, on Sunday 3rd Mar 2024, announced its launch of Unified Payment Interface (UPI) services in collaboration with Axis Bank. The company aims to enhance customer convenience and expand its financial ecosystem.
UPI Platform initially available to Android Users
The company aims to revolutionize online transactions for Android users with plans for further platform expansion in the pipeline. Leveraging the prowess of Axis Bank’s infrastructure, Flipkart aims to streamline payment processes and offer a seamless experience to its vast user base.
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The Company claims that its foray into the UPI services comes after extensive testing has been carried out since last year. Notably, Flipkart’s foray into UPI comes on the heels of extensive testing carried out since last year. The service is poised to eliminate the need for users to switch between multiple applications for making UPI payments, thereby simplifying the transactional experience. With loyalty features such as Supercoins, cashback incentives, milestone benefits, and brand vouchers slated to follow the UPI launch, Flipkart is about to offer a comprehensive value proposition to its patrons.
Launch of New UPI to increase competition & transparency
Interestingly, the timing of the company’s UPI Rollout holds significance in light of the National Payments Corporation Of India’s (NPCI) efforts to diversify UPI’s ecosystem and reduce reliance on a handful of players. With the introduction of UPI services, Flipkart aims to contribute to this broader objective while catering to the evolving needs of Indian consumers.
Dheeraj Aneja, Flipkart’s Senior Vice President of fintech and payments, shared his excitement about the launch of Flipkart UPI, highlighting how it will make our lives easier and more affordable. He stressed that Flipkart is dedicated to giving us the best shopping experience possible, with safe and easy payment methods and plenty of perks like rewards and discounts.
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Axis Bank president & head of cards & payments Sanjeev Mohhe spoke about the partnership with Flipkart and how it has evolved from a co-brand credit card to the introduction of the Flipkart unified payment interface (UPI). Mohhe said that the solution is hosted in the cloud, which means it is stable and can be scaled up or down as needed, making it easy for customers to access
