Bengaluru: Flipkart, an e-commerce platform, announced its Unified Payments Interface (UPI) handle on Sunday in order to improve its digital payment capabilities for all clients, including its 500+ million.
Flipkart UPI allows customers to create their own UPI handles for online and offline merchant transactions both within and outside of the Flipkart marketplace. Following the UPI launch, loyalty features such as Supercoins, Cashback, Brand Vouchers, Milestone bonuses, and more will be available to provide a unique user experience.
On the Flipkart app, Flipkart UPI can be used to pay for any product or service, including e-commerce transactions, Scan and Pay to UPI ID, and recharges and bill payments, the company said in a statement.
In its first phase, Flipkart has partnered with Axis Bank, wherein users can register for UPI with @fkaxis handle for their digital transactions using the Flipkart app, IANS reported.
“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,” said Dheeraj Aneja, Senior Vice President - Fintech and Payments Group at Flipkart.
"At Flipkart, we are committed to delivering the best-in-class commerce experience to customers by offering safe and convenient payment options along with a wide array of rewards and benefits such as Supercoins, Brand Vouchers, and others."
According to Aneja, "Flipkart UPI underscores our dedication to shaping a digitally-empowered society and reaffirms our role as a leading catalyst in India's digital evolution."
It also introduces one-click and quick functionalities for recharges and bill payments, enhancing overall payment efficiency for the users.
With the tagline, ‘India’s Most Rewarding UPI’, the offering aims to provide customers with an intuitive, safe, and convenient digital payment experience through its integrated checkout funnel and a slew of delightful incentives including the benefit of instant refunds, according to the company.
In 2023, UPI processed over 117 billion transactions worth Rs 182.84 trillion, showcasing a dynamic landscape with participation from banks, payment service providers, and fintech companies, according to reports.
“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,” said Sanjeev Moghe, President and Head - Cards & Payments, Axis Bank.
“Customers can now register for UPI with @fkaxis handle and can do all fund transfers and checkout payments using the Flipkart app. This solution is cloud hosted and hence provides one of the most stable and scalable UPI platforms for customers,” he added.