Flipkart today announced the consolidation of all its financial and payment offerings into a single unified vertical called Flipkart Pay, as the e-commerce major gears up for the sale season. This new platform will offer services such as Flipkart UPI on its shopping app, recharge and bill payments, insurance, buy-now-pay-later facility, EMIs, gift cards and co-branded credit cards.
“Flipkart has reimagined its financial services to bring you Flipkart Pay, a comprehensive and seamless experience designed to make your life easier,” the company says.
With its instant payment services and recharges to credit products, Flipkart with its new financial offering plans to enhance customer engagement and provide its customers with a faster and more secure payment experience.
After Flipkart parted its ways with another Walmart-owned company, PhonePe, one of the country’s largest digital payments platforms in December 2022, the former has been striving towards building its fintech offerings. This started with the rollout of the Flipkart UPI service in partnership with Axis Bank. The same month, the company shared that it recorded over five million transactions worth ₹200 crore through the platform. This was followed by the June 26 release announcement of a beta version of the mobile application of Flipkart’s in-house fintech venture SuperMoney on the Android Play Store. The platform will offer payments, credit, deposits and other digital financial services. On July 10, the company launched its bill payment services on the platform in collaboration with BillDesk, including recharges for Fastag, electricity and mobile bills.
The move comes at a time when its rival Amazon also is investing heavily in its Indian fintech arm, for creating a more competitive digital payments space, currently dominated by Google Pay and PhonePe. In June, Amazon India invested ₹600 crore in Amazon Pay, the arm which had received its Payment Aggregator licence from the RBI only in February.
