Walmart’s e-commerce powerhouse, Flipkart, has made a strategic dive into the Unified Payments Interface (UPI) arena, enabling its users to generate their UPI handles for transactions both on and beyond its platform. Aiming to simplify payment processes for its extensive user base, including more than 500 million registered users and 1.4 million sellers, Flipkart has seamlessly integrated UPI into its application.
This integration is designed to provide a frictionless payment experience for a variety of uses, such as shopping, bill payments, and peer-to-peer transfers, according to the company’s announcement. In collaboration with Axis Bank, Flipkart has introduced the ‘@fkaxis’ UPI handle. Furthermore, the company is expanding its financial services through the launch of a new fintech platform, Super.Money, which will offer lending, insurance, among other services.
This move positions Flipkart as a formidable competitor to external payment applications like Google Pay, PhonePe, Paytm, and Amazon Pay, by offering an internal payment solution. Flipkart’s strategy aims not only to retain users within its ecosystem but also to improve convenience by reducing the necessity for app switching for payment purposes.
The initiation of Flipkart’s UPI service reflects a broader trend of e-commerce giants integrating with fintech to deliver comprehensive services to their consumers. This integration seeks to create a unified platform experience for users, enabling them to access a broad spectrum of services, from e-commerce to financial transactions, all in one place. Flipkart’s foray into UPI payments, alongside its fintech aspirations, highlights its dedication to improving customer experience and convenience.