Flipkart has launched its UPI service in collaboration with Axis Bank. This new payment offering marks Flipkart’s entry into the Unified Payments Interface (UPI) domain and is its second fintech partnership with Axis Bank, following the introduction of co-branded credit cards in 2019.
Initially available only for Android users, Flipkart UPI enables customers to register with the @fkaxis handle and conduct fund transfers and checkout payments through the Flipkart app.
The move comes amidst regulatory challenges faced by Paytm after a crackdown by the Reserve Bank of India on Paytm Payments Bank. Flipkart’s foray into UPI follows a testing phase with a closed user group since 2023 and is a step towards establishing its presence in the payments sector post its separation from PhonePe.
Dheeraj Aneja, senior vice president of the fintech and payments group at Flipkart, highlighted the company’s commitment to providing a seamless commerce experience and offering safe and convenient payment options to customers. The UPI service will facilitate online and offline transactions within and outside the Flipkart marketplace, introducing one-click functionalities for recharges and bill payments.
Flipkart’s entry into the fintech realm includes investments in Super.money, a platform spearheaded by senior executive Prakash Sikaria, demonstrating the company’s interest and investment in the evolving financial technology landscape.