Flipkart Launches its UPI Payments Service
By: Geetanjali
In collaboration with Axis Bank, Walmart-owned Flipkart has launched its UPI (Unified Payments interface ) payment services on Sunday, March 3, 2024. This is the second UPI payment service app by Walmart, Flipkart was acquired by Walmart in 2016 after which, Flipkart acquired Phone pay which has around 50% of the UPI market share in India in 2022. In both Flipkart and Phone pay, Walmart Co. is the majority stakeholder.
Taking on to the social networking site X, CEO of Flipkart, Rajneesh Kumar on Sunday, posted about Flipkart’s newly launched UPI payments service.
Excited to announce the launch of the @Flipkart #UPI handle, which further boosts @_DigitalIndia & ongoing #DigitalTransformation. #FlipkartUPI is accessible to over 50 crore of our customers & many more nationwide within & outside of the Flipkart #marketplace. Powered by… pic.twitter.com/GlGrb0rg51
— Rajneesh Kumar (@rajneeeshkumar) March 3, 2024
As per the information by the Flipkart, the initial UPI service will be available for Android users and will later on carry forwarded with loyalty features like cashback, occasional gifts and vouchers etc. The UPI service will allow its consumers to make payments not only on Flipkart’s website but will also act as a third party online payment app, which will allow users to make bill payments, bank transfers.
This is a major crackdown by Flipkart, in a time when Paytm Payments Banks services has been banned by the RBI, which will be beneficial for this newly launched UPI service by Flipkart. As users are looking for alternatives to Paytm. Will also decrease over-reliance of users over a few UPI service providers, said NCPI (National Payments Corporation of India)
