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Flipkart launches UPI services to counter third party apps

EntrackrEntrackr · 2y 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.

PhonePe continues to rule UPI transactions with over 45% market share in Feb

EntrackrEntrackr · 2d ago
PhonePe continues to rule UPI transactions with over 45% market share in Feb
Medial

PhonePe continues to rule UPI transactions with over 45% market share in Feb According to NPCI data, PhonePe processed 9.28 billion transactions worth Rs 13,10,392.95 crore. The Walmart-backed app held 45.5% share of total UPI transaction volume and 48.8% share by value during the month. PhonePe continued to dominate India’s UPI ecosystem among third-party apps in February, while Google Pay and Paytm retained the second and third positions, respectively. According to NPCI data, PhonePe processed 9.28 billion transactions worth Rs 13,10,392.95 crore. The Walmart-backed app held 45.5% share of total UPI transaction volume and 48.8% share by value during the month. Google Pay followed with 6.76 billion transactions worth Rs 9,03,051.60 crore. The platform accounted for 33.2% share by volume and 33.6% by value. Paytm secured the third position after recording 1.59 billion transactions worth Rs 1,74,128.86 crore, translating to 7.8% share in volume and 6.5% in value. The top three apps reported slightly lower transaction counts than January due to the shorter month. In January, PhonePe processed 9.91 billion transactions, Google Pay handled 7.23 billion, and Paytm recorded 1.66 billion transactions, when the UPI network logged 21.7 billion transactions overall. Among other fintech apps, Navi ranked fourth after processing 650.28 million transactions worth Rs 36,563 crore. Super.money followed with 289.32 million transactions worth Rs 12,314.08 crore. The government-backed BHIM app recorded 175.93 million transactions worth Rs 21,263.92 crore. FamApp by Trio processed 149.06 million transactions valued at Rs 1,898.62 crore. CRED stood at the eighth position after recording 145.98 million transactions. The platform reported a relatively higher transaction value of Rs 54,045.92 crore, reflecting higher ticket sizes. Among bank-owned platforms, Axis Bank Apps processed 132.11 million transactions worth Rs 12,157.93 crore, including customer-initiated and B2C payments. WhatsApp Pay rounded off the top ten after processing 112.89 million transactions worth Rs 8,557.08 crore. Overall, the UPI ecosystem processed 20,394.18 million transactions worth Rs 26,84,229.29 crore in February. The month recorded a marginal dip compared to January due to fewer days, although daily activity remained strong as the average daily transaction count rose to 728 million from 700 million in January.

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