Flipkart has launched unified payments interface (UPI) services which will allow its users to set up their own UPI handle for online and offline merchant transactions within and outside of the e-commerce marketplace.
On the Flipkart app, 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 press release.
The move will help Flipkart reduce its dependency on third-party apps such as Google Pay, PhonePe, Paytm, and its arch-rival Amazon (via Amazon Pay). The Bengaluru-based company claims that it has more than 500 million registered users and 1.4 million sellers on its marketplace.
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 app.
Initially, the feature will be available for Android users.
It’s worth highlighting that Flipkart provides co-branded credit cards in partnership with Axis Bank.
Axis Bank is also helping the Walmart-owned company to expand its offering in the fintech space. As per media reports, Flipkart is planning to roll out a new fintech platform called Super.Money to offer lending, insurtech and other services. Headed by Prakash Sikaria, the new entity is likely to receive $20 million investment from Flipkart.
In December, Flipkart raised $600 million from its holding company Walmart. The company is expected to raise $1 billion in total and was valued at $32.55 billion.
Last year, foodtech major Zomato also launched its own UPI services in partnership with ICICI Bank.
