Flipkart UPI vs Other Existing UPI Apps
UPI Service | Integration | Unique Features | Convenience Fee | Instant Refunds | User Base | Strategic Move | Bank Collaboration |
---|---|---|---|---|---|---|---|
Flipkart UPI | Integrated within the Flipkart app. Extends to Flipkart group companies | Supercoins, Cashback, Brand Vouchers, Milestone benefits | No | Yes | Over 500 million registered users | To compete with Amazon Pay, Paytm, Google Pay, and PhonePe | Axis Bank |
PhonePe | Standalone app | Cashback and vouchers | Yes | Not specified | Large user base | Initially owned by Flipkart, separated in December 2022 | Yes |
Google Pay | Standalone app | Cashback and vouchers | Yes | Not specified | Large user base | Independent | Yes |
Amazon Pay | Integrated within the Amazon app | Cashback and vouchers | Yes | Not specified | Large user base | To compete with Flipkart, Paytm, Google Pay, and PhonePe | Yes |
Paytm | Standalone app | Cashback and vouchers | Yes | Not specified | Large user base | Independent | Yes |
Flipkart Launches UPI Service: Know how to Use it
In a significant move, e-commerce giant Flipkart has entered the digital payments space with the launch of its own Unified Payments Interface (UPI) service. This new service, dubbed “Flipkart UPI,” allows users to create their own UPI handle and make seamless online and offline payments directly within the Flipkart app, as well as for transactions outside the platform. This development marks a strategic step for Flipkart as it seeks to reduce its reliance on third-party payment applications and offer a more integrated user experience.
In Short:
- Flipkart partners with Axis Bank to launch its UPI service.
- The service allows payments within the app, money transfers, and bill payments.
- The launch is seen as a strategic move to expand its presence in the digital payments sector.