On Sunday, Flipkart launched its own UPI handle @fkaxis in collaboration with Axis Bank. They also announced a new scheme under the ‘India’s Most Rewarding UPI’ tagline. Currently available for Android smartphone users via the Flipkart app, users can register for a new UPI ID, which can be used for fund transfers and in-app payments.
Flipkart Partnered With Axis Bank
Flipkart has partnered with Axis Bank and has stepped into the digital payments arena with its latest offering, Flipkart UPI.
This new service from the e-commerce platform comes after Paytm Payments Bank is under scrutiny from the Reserve Bank of India (RBI), providing an opportunity for other fintech players.
Flipkart Seen As a Step To Expand Its Presence
The launch of Flipkart UPI by the e-commerce platform is seen as a step to expand its presence in the digital payments sector, giving competition to Amazon, which already operates its payment vertical, Amazon Pay.
The timing of Flipkart’s UPI launch also comes amid increasing digital adoption in India, with more users embracing online transactions for their convenience and security.
How To Use Flipkart UPI
Download and install the latest version of the Flipkart app from the Play Store or Apple App Store.
Look for the ‘Flipkart UPI’ banner within the app and tap on it.
Select the option to ‘Add bank account’.
Choose the bank you wish to link with Flipkart UPI.
Complete the verification process.
Once verified, users can start using Flipkart UPI to make payments seamlessly.
Initially, the UPI service will be available exclusively for Android users.
The timing of Flipkart’s UPI launch also comes amid increasing digital adoption in India, with more users embracing online transactions for their convenience and security.