Flipkart Launches Its Own UPI Service: Flipkart UPI in Partnership with Axis Bank
| Event | Details |
|---|---|
| Launch of Flipkart UPI | Flipkart introduced its UPI service, Flipkart UPI, in partnership with Axis Bank. |
| Platform Availability | Initially exclusive to Android users, it supports both online and offline transactions. |
| UPI ID Creation | Users can create a UPI ID via the Flipkart app for transactions with merchants and individuals. |
| Supported Transactions | Utility bill payments, fund transfers, and checkout payments within Flipkart ecosystem. |
| Integration | Extends to Flipkart group companies: Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip. |
| UPI Handle | Customers can register for UPI using the @fkaxis handle provided by Axis Bank. |
| Objective | Aims to reduce dependence on third-party UPI platforms like Amazon Pay, Google Pay, Paytm, and PhonePe. |
| Background | Flipkart demerged with PhonePe in late 2022 and has been testing its UPI offering since then. |
| NPCI's Role | National Payments Corporation of India (NPCI) is striving to diversify UPI's ecosystem. |