Flipkart introduces UPI services in a strategic move to compete with third-party applications.

Flipkart has introduced unified payments interface (UPI) services, allowing users to create their UPI handle for both online and offline transactions within and beyond the e-commerce platform. Users can utilize UPI on the Flipkart app for various purposes, including e-commerce transactions, scanning and paying to UPI IDs, and recharges and bill payments. This move aims to reduce Flipkart’s reliance on third-party apps like Google Pay, PhonePe, Paytm, and its competitor Amazon through Amazon Pay. The initial phase involves a partnership with Axis Bank, enabling users to register for UPI with the ‘@fkaxis’ handle for digital transactions on the app. This feature is initially available for Android users. Notably, Flipkart collaborates with Axis Bank on co-branded credit cards, and Axis Bank supports the company’s expansion into the fintech space, with reports suggesting the launch of a new fintech platform called Super.Money. The platform is expected to offer lending, insurtech, and other services, with a potential $20 million investment from Flipkart. In December, Flipkart secured $600 million from its parent company, Walmart, aiming for a total raise of $1 billion and a valuation of $32.55 billion. Last year, Zomato also introduced its UPI services in partnership with ICICI.