Flipkart Launches UPI Service, Enters Digital Payments Market

By Consultants Review Team Monday, 04 March 2024

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 service from the e-commerce platform follows.

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 program makes bill payments easier.

This is how to set up UPI on Flipkart

Get the most recent Flipkart app from the Play Store or the Apple App Store, then install it.

Within the app, locate and press the "Flipkart UPI" banner.

Choose the 'Add bank account' option.

Select the bank that you want to connect to Flipkart UPI.

Finish the verification procedure.

After verification, customers can then easily make payments with Flipkart UPI.

The UPI service will initially only be accessible to 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 has its own payment vertical, Amazon Pay.

The timing of Flipkart's UPI debut coincides with India's growing digital usage, as more people choose online banking due to its security and simplicity.

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