The Indian e-commerce marketplace Flipkart has launched a Unified Payments Interface (UPI) to expand its digital payment transaction offerings by adding an instant financial operations system popular in the South Asian country with an appropriate functional purpose.
The new Flipkart UPI provides users with the ability to set up their own UPI handle for transactions, both online and offline. Moreover, this descriptor will be available inside and outside the marketplace. The relevant information is contained in the company’s press release.
Dheeraj Aneja, senior vice president of Flipkart’s Financial Technology and Payments group, says the company is committed to providing customers with a best-in-class trading experience by offering secure and convenient payment methods along with a wide range of rewards and benefits such as Supercoins, Brand Vouchers, and others. He also noted that Flipkart UPI states its commitment to the formation of a society that has significant digital opportunities and confirms its role as a leading catalyst for India’s digital evolution.
In the mentioned company’s app, consumers can use UPI to pay for e-commerce financial operations, scan and pay with an ID, recharges, bill payments, and any other product or service.
After launching the new offer, Flipkart will add loyalty features. These features will be available when making UPI payment transactions. Flipkart UPI will initially be available to Android users.
The payment option will be provided by Axis Bank, which already cooperates with Flipkart on co-branded credit cards. Sanjeev Moghe, President and Head of Cards and Payments at Axis Bank, says that this financial institution has always been at the forefront of expanding UPI’s numerous payment transaction flows for its customers. He also announced the lender’s intention to continue growing at UPI through partner projects and introducing innovation.
Last year in India, 55% of consumers paid for their digital retail purchases using the mentioned interface. Currently, the share of this South Asian country in the structure of global payments in real-time is 55%. There are also more digital transactions registered in India than in any other country in the world.
Data from the National Payments Corporation of India shows that UPI processed more than 177 billion financial operations last year. Currently, the South Asian country has a dynamic fintech landscape, which involves payment and other service providers, and also banks.
Flipkart Group was founded in 2007. This business structure includes Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip. Flipkart Group has a customer base of over 500 million people. The marketplace of the business structure offers more than 150 million products in 80 categories. There are approximately 14 million merchants on this virtual platform.
Currently, digital payments and related functional offerings, new generation financial operations formats are becoming more widespread globally. Nowadays, there are many B2B, B2C, C2C, C2B examples. The convenience of new-generation transactions and the speed of execution of these solutions ensure their popularity among users.
