Flipkart launched Flipkart UPI; enables users to create their own UPI handles for transactions both within and outside its platform

With its entry into the Unified Payments Interface (UPI) market, Walmart-owned e-commerce behemoth Flipkart allows users to generate custom UPI handles for usage in both internal and external transactions. The launch aims to make payments easier for its HUGE user base—there are 1.4 million vendors and more than 500 million registered consumers.

According to a statement from the firm, Flipkart hopes to provide a smooth payment experience for completing peer-to-peer transactions, bill payment, and merchandise purchases by incorporating UPI directly into its app. Axis Bank and Flipkart have partnered to introduce the "@fkaxis" UPI handle. In addition, the business is introducing Super.Money, a new fintech platform, to increase the range of financial services it provides, including loans and insurance.

Paytm, Amazon Pay, PhonePe, Google Pay, and other third-party payment applications are squarely challenged by Flipkart's UPI service. By providing an internal payment mechanism, Flipkart hopes to increase user convenience by removing the need for customers to transfer between applications and to retain them inside its ecosystem.