Flipkart Sets New Record with 5 Million UPI Transactions in March

Flipkart UPI Logo

Three points you will get to know in this article:

  • Flipkart achieves 5 million UPI transactions in March.
  • Emerges ahead of competitors in the fintech landscape.
  • Strategic collaboration with Axis Bank enhances nationwide expansion.

Flipkart's Remarkable UPI Journey

During its inaugural month of fully embracing UPI, Flipkart, the ecommerce giant backed by Walmart, racked up a notable achievement: 5 million UPI transactions totaling INR 197.24 crores in March.

This milestone not only underscores Flipkart’s expanding foothold in fintech but also positions it ahead of competitors like Jio Payments Bank apps, Navi, and several other banking applications, according to data from the National Payments Corporation of India (NPCI).

Expressing satisfaction with the customer response, Flipkart highlighted how UPI has significantly enhanced accessibility and convenience for both commercial and personal transactions. The company aims to uphold this same level of convenience within its platform, ensuring a seamless experience for all users.

UPI Transactions Landscape in March

First off, let’s talk numbers. In March, the total volume of UPI transactions hit about 13 billion, totaling a whopping INR 20 trillion.

Now, onto specifics: Flipkart kicked off with 5 million UPI transactions in its debut month, while MobiKwik marked around 8.3 million transactions in March. Meanwhile, Groww soared with 6.7 million transactions, and Jupiter followed closely with 5.6 million.

Dominance in UPI Transactions

But who’s ruling the UPI game? Well, it’s still Google Pay, PhonePe, Paytm, and CRED holding the fort. In March, Google Pay handled 5 billion transactions totaling around INR 7 trillion, PhonePe processed 6.5 billion transactions worth INR 10 trillion, and Paytm recorded 1.2 billion transactions amounting to INR 1.3 trillion. Additionally, Amazon Pay saw 65.3 billion UPI transactions last month.

It is important to mention that Flipkart introduced its UPI service in January, but it was only available to a small group of users. According to a reliable source, Flipkart’s UPI service was launched for approximately 10,000 users in the initial batch that month. The company intended to expand the service nationwide in the coming weeks.

Additionally, Flipkart collaborated with Axis Bank for its UPI services. The @fkaxis UPI handle will facilitate various transactions, such as online and offline purchases, ecommerce transactions, recharges, and bill payments.

Projected Growth and Market Position

According to a reputable source cited by Moneycontrol, it’s projected that Flipkart will surpass Amazon Pay UPI in long-term usage. The insider explained that Amazon tends to attract high-end clientele with a penchant for credit cards, whereas Flipkart’s appeal lies in its popularity among residents of tier 2 cities, towns, and villages. Consequently, Flipkart is poised to witness a surge in UPI transactions.

Dheeraj Aneja's Vision for Flipkart UPI

In a recent statement, Dheeraj Aneja, Senior VP of Flipkart’s fintech and payments division, expressed excitement about the launch of Flipkart UPI. He emphasized that it seamlessly integrates the convenience and affordability of UPI with the trusted efficiency that customers associate with Flipkart.

He stated that at Flipkart, their dedication is to provide customers with the best commerce experience by offering secure and convenient payment options, as well as various rewards and benefits like Supercoins, brand vouchers, and more.

Flipkart’s successful venture into UPI transactions, culminating in 5 million transactions worth INR 197.24 crores in March, showcases its fintech prowess and competitive edge. Despite fierce competition from major players like Google Pay and PhonePe in the broader UPI landscape, Flipkart’s strategic collaboration with Axis Bank and its appeal to residents of tier 2 cities positions it for substantial growth. With a focus on seamless integration, convenience, and customer-centric rewards, Flipkart’s expertise in commerce and payments is set to propel its UPI services to new heights.

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