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Flipkart launches UPI services to counter third party apps

EntrackrEntrackr · 1y ago
Flipkart launches UPI services to counter third party apps
Medial

Flipkart has launched unified payments interface (UPI) services which will allow its users to set up their own UPI handle for online and offline merchant transactions within and outside of the e-commerce marketplace. On the Flipkart app, UPI can be used to pay for any product or service, including e-commerce transactions, scan and pay to UPI ID, and recharges and bill payments, the company said in a press release. The move will help Flipkart reduce its dependency on third-party apps such as Google Pay, PhonePe, Paytm, and its arch-rival Amazon (via Amazon Pay). The Bengaluru-based company claims that it has more than 500 million registered users and 1.4 million sellers on its marketplace. In its first phase, Flipkart has partnered with Axis Bank, wherein users can register for UPI with ‘@fkaxis’ handle for their digital transactions using the app. Initially, the feature will be available for Android users. It’s worth highlighting that Flipkart provides co-branded credit cards in partnership with Axis Bank. Axis Bank is also helping the Walmart-owned company to expand its offering in the fintech space. As per media reports, Flipkart is planning to roll out a new fintech platform called Super.Money to offer lending, insurtech and other services. Headed by Prakash Sikaria, the new entity is likely to receive $20 million investment from Flipkart. In December, Flipkart raised $600 million from its holding company Walmart. The company is expected to raise $1 billion in total and was valued at $32.55 billion. Last year, foodtech major Zomato also launched its own UPI services in partnership with ICICI Bank.

Flipkart launches UPI app Super.Money to offer financial services

EntrackrEntrackr · 1y ago
Flipkart launches UPI app Super.Money to offer financial services
Medial

E-commerce major Flipkart has launched a unified payments interface (UPI) app Super.Money to offer payments, credit, deposits and other digital financial services. As a part of the beta version, the app will be available for initial 100,000 users. The app is live in partnership with Axis Bank while it will also offer credit through Utkarsh Small Finance Bank. As per the company’s website, DMI Finance and Credit Saison are other financial partners of Super.Money. The app is also offering coupons, scratch cards or coins for making UPI payments. “Super.money aims to democratise access to financial services by leveraging UPI infrastructure, which is aligned to the government’s larger vision of financial inclusion,” said Prakash Sikaria, CEO of Super.Money. The development comes 18 months after the separation of Flipkart and PhonePe, which is the leading UPI app in India with nearly 50% market share. It’s worth highlighting that Flipkart also has its own UPI handle within the shopping app. Super.Money was reportedly in talks to raise $20 million from Flipkart. In March, Flipkart launched its own UPI services which will allow its users to set up their own UPI handle for online and offline merchant transactions. As per NPCI data, the app registered 4.44 million transactions worth Rs 251 crore in May. Its arch rival Amazon Pay did 68.34 million transactions in the last month. With 48.6% market share, PhonePe is the leader among UPI apps followed by Google Pay and Paytm with 37% and 8% market share respectively.

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