Walmart-owned Flipkart launches Flipkart UPI to counter third-party apps

Walmart-owned ecommerce giant Flipkart has entered the Unified Payments Interface (UPI) space, enabling users to create their own UPI handles for transactions both within and outside its platform. 

The launch aims to streamline payments for its vast user base, which includes over 500 million registered users and 1.4 million sellers.

By integrating UPI directly into its app, Flipkart aims to offer a seamless payment experience for purchasing goods, paying bills, and even making peer-to-peer transactions, as per the company's statement.

Partnership with Axis Bank

Flipkart has teamed up with Axis Bank to launch the ‘@fkaxis’ UPI handle. Apart from this, the company is also launching a new fintech platform, Super.Money to broaden its financial services, offering lending, insurance, and more.

Reducing dependency on Third-Party Apps

Flipkart's UPI service is a direct challenge to third-party payment apps like Google Pay, PhonePe, Paytm, and Amazon Pay.

By offering an in-house payment solution, Flipkart not only aims to keep users within its ecosystem but also to enhance user convenience by eliminating the need to switch apps for payments. 

The convergence of E-commerce and Fintech

The launch of Flipkart's UPI service is indicative of a larger trend where e-commerce giants are increasingly merging with fintech to offer comprehensive services to their customers. 

The convergence aims to provide users with a one-stop-shop experience, where they can avail of a wide range of services, from shopping to financial transactions, all within a single platform. Flipkart's venture into UPI payments, along with its fintech ambitions, underscores its commitment to enhancing customer experience and convenience.