2024-03-06 By Surbhi Chauhan Digital Payments

Flipkart Launches UPI Handle to Accelerate India's Digital Revolution.

Flipkart, the premier e-commerce platform in India, has introduced its UPI handle to bolster its array of digital payment options, catering to its vast customer base exceeding 500 million. With a focus on delivering a unique customer experience, Flipkart offers various loyalty features such as SuperCoins, Cashbacks, Milestone benefits, and brand vouchers following the launch of UPI. Positioned as 'India’s Most Rewarding UPI,' this initiative signifies a substantial advancement in refining the payment experience for users nationwide.

This strategic move by Flipkart comes at a pivotal moment, coinciding with recent regulatory actions affecting Paytm Payments Bank Ltd (PPBL), as announced by the central bank of India in its press releases dated March 11, 2022, and January 31, 2024, potentially leading to the revocation of Paytm Payments Bank's banking license.

Powered by Axis Bank, Flipkart UPI initially caters to Android users, allowing them to register for UPI with the handle @fkaxis. This integration enables customers to seamlessly conduct fund transfers and checkout payments directly through the Flipkart app. As UPI gains prominence as the preferred payment method, the introduction of Flipkart UPI promises unmatched convenience and cost-effectiveness, democratizing access to seamless payment solutions. Users can leverage the UPI feature for both online and offline transactions within and beyond the Flipkart ecosystem, facilitating quick recharges and bill payments with a single click. The integration of instant refunds further enhances the payment experience, ensuring hassle-free transactions.

In 2023, UPI recorded an astonishing 117 billion transactions valued at INR 182.84 trillion, underscoring its pivotal role in India's digital payment landscape. Flipkart UPI is poised to significantly influence the digital payment ecosystem, aligning with the nation's vision for a digital economy and addressing the growing demand for digital payment solutions. This initiative presents an opportunity for millions of new users to embrace the advantages of the UPI ecosystem.

Dheeraj Aneja, Senior Vice President - Fintech and Payments Group at Flipkart, emphasized, "The launch of Flipkart UPI seamlessly combines the convenience and affordability of UPI with the trusted efficiency customers expect from us. We are committed to providing a superior commerce experience by offering secure payment options and an array of rewards such as SuperCoins and Brand Vouchers. Flipkart UPI reinforces our commitment to fostering a digitally-empowered society and solidifies our position as a catalyst in India's Digital Transformation."

Sanjeev Moghe, President & Head - Cards & Payments, Axis Bank, commented, "Axis Bank remains at the forefront of UPI payments innovation, scaling our offerings through strategic partnerships. Our collaboration with Flipkart, from launching successful co-branded credit cards to now introducing Flipkart UPI, underscores our commitment to providing customers with stable and scalable payment solutions. Customers can register for UPI using the @fkaxis handle, facilitating seamless fund transfers and checkout payments via the Flipkart app."