Flipkart, in collaboration with Axis Bank, has introduced its latest offering, Flipkart UPI, as it ventures into the realm of digital payments.
This fresh service from the renowned e-commerce platform emerges amidst ongoing scrutiny faced by Paytm Payments Bank from the Reserve Bank of India (RBI), presenting an opportune moment for other fintech players to step forward.
With Flipkart UPI, users gain the ability to conduct online transactions directly within the Flipkart app. Moreover, they can effortlessly transfer funds to local vendors, acquaintances, and relatives using UPI ID, phone numbers, or QR codes. Additionally, the service facilitates bill payments, enhancing user convenience further.
Here's a breakdown of how to utilize Flipkart UPI:
1. Begin by downloading and installing the latest version of the Flipkart app from either the Play Store or Apple App Store.
2. Locate the ‘Flipkart UPI’ banner within the app interface and proceed to tap on it.
3. Opt for the ‘Add bank account’ option.
4. Select the desired bank to link with Flipkart UPI.
5. Complete the necessary verification procedures.
6. Upon successful verification, users can seamlessly commence using Flipkart UPI to execute payments.
Initially, this UPI service will be exclusively accessible to Android users.
The introduction of Flipkart UPI by the e-commerce giant is perceived as a strategic move to broaden its footprint in the digital payments domain. It positions Flipkart to compete with Amazon, which already operates its payment vertical, Amazon Pay.
Furthermore, Flipkart’s UPI launch coincides with the escalating digital adoption trend in India, where more individuals are embracing online transactions due to their convenience and enhanced security features.
