
With its most recent product, Flipkart UPI, the company has entered the digital payments market in collaboration with Axis Bank.
The Reserve Bank of India (RBI) is looking at Paytm Payments Bank, which gives other fintech companies a chance. This new offering from the e-commerce platform follows suit.
With Flipkart UPI, customers may now send money to friends, family, and local vendors using UPI IDs, phone numbers, or QR codes. They can now make online payments within the Flipkart app. Furthermore, the programme makes bill payments easier.
Here's how to use Flipkart UPI
- Download and install the latest version of the Flipkart app from the Play Store or Apple App Store.
- Look for the ‘Flipkart UPI’ banner within the app and tap on it.
- Click on the "Add bank account" option.
- Select the bank that you want to link to Flipkart UPI.
- Complete the verification process.
- Once verified, users can start using Flipkart UPI for making payments seamlessly.
Initially, the UPI service will be available exclusively for Android users.
The e-commerce platform's introduction of Flipkart UPI is perceived as a move to increase its market share in the digital payments space and challenge Amazon, which already runs its own payment vertical called Amazon Pay.
Flipkart's UPI launch coincides with India's growing digital usage, as more people choose online banking due to its security and simplicity.