Flipkart and Axis Bank together on Sunday launched their own UPI handle @fkaxis. Using the tagline “India’s Most Rewarding UPI,” they also announced a new platform. Registering for a new UPI ID is currently possible for Android smartphone users through the Flipkart app. The Unified Payments Interface (UPI) ID may be used for app downloads and payment transfers.
Users can now set up their own UPI handle for Flipkart UPI to be used for online and offline merchant transactions inside and outside the Flipkart platform. Following the UPI launch, reward features like Supercoins, Cashback, and many more will be provided for an individual user experience using the Flipkart mobile app, Flipkart UPI can pay for service or product purchases.
The facilities will be shared between the Flipkart family companies, which include Cleartrip, Flipkart Health+, Flipkart Wholesale, and Myntra. Dependence on outside UPI apps like Amazon Pay, Google Pay, Paytm, and PhonePe will decrease with the launch of Flipkart UPI.
According to the Senior Vice President of Flipkart
Dheeraj Aneja, the senior vice president of the Fintech and Payments Group at Flipkart explained, “Understanding the changing digital environment, the launch of Flipkart UPI smoothly connects the easy use and affordability of UPI with the trusted efficiency that consumers expect from Flipkart. Flipkart is dedicated to providing consumers with the best-in-class purchasing experience available. Flipkart UPI displays our commitment to developing a society empowered by technology.
The e-commerce company claims that its marketplace has over 50 crore registered customers and 14 lakh sellers. In February 1210 crore UPI transactions reached ₹18.3 crore, representing a 61% increase from the same time last year.
Also See: Samsung Innovation Campus Launches at KLE.
According to the President & Head of Cards & Payments at Axis Bank
Sanjeev Moghe, President & Head of Cards & Payments at Axis Bank, stated on the collaboration, “Our partnership with Flipkart has moved forward from launching one of India’s most successful co-branded credit cards to now launching the Flipkart UPI service.” Customers may now register for UPI using the @fkaxis handle and complete all fund transfers and checkout payments using the Flipkart app. This system is hosted in the cloud, making it one of the most powerful and accessible UPI platforms available to customers.”