Flipkart and Axis Bank are collaborating to launch a new Flipkart UPI platform. The platform will encourage users to pay within and outside the Flipkart app. It is a significant move and adds Flipkart to the growing list of e-commerce companies launching their own e-pay apps.
India’s one of the biggest e-commerce giants, Flipkart just launched its own UPI service in collaboration with Axis Bank. The service is currently only available for Android users. The UPI platform will offer many features like cashback, Supercoins, brand vouchers, and milestone benefits. This is a significant step by Flipkart to make the customer pay via their own UPI service within their own ecosystem, which eliminates the need to leave the platform and dependency on other online payment platforms.
The Flipkart UPI app won’t just support online payments within the Flipkart app but also outside the platform, making it an all-rounder app for all things e-pay. Dheeraj Aneja, Senior Vice President of Fintech and Payments Group at Flipkart focused on the importance of providing a safe and secure online payment app which provides convenience and several other benefits.
He 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. At Flipkart, we are committed to delivering the best-in-class commercial 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. Furthermore, Flipkart UPI underscores our dedication to shaping a digitally-empowered society and reaffirms our role as a leading catalyst in India’s digital evolution.”
Flipkart launching its payment platform adds it to the growing list of e-commerce companies coming out with their own e-pay platforms. Flipkart joining the race intensifies the competition and expands its brand reach in the Indian market posing a great threat to many other e-payment giants like Paytm, PhonePe, Gpay, and others. It will be interesting to see how Flipkart solidifies its space in the online payment industry and whether it can survive in this uber-saturated field.
Also Read: India Leading the World in Online Transactions with Tokenisation
Read Exclusive COVID-19 Coronavirus News updates, at MyNation.