With the move of an online commerce leader, Flipkart, into the UPI payments industry, India is about to witness a turning point.
Axis Bank, in collaboration with Flipkart, allows its users to perform various payments like bill payments, recharging, and peer-to-peer money transfers with the help of its app.
The timing is as good as it gets, and this is significant, especially since Paytm has recently faced several regulatory setbacks. It also happened a year after FP launched FP Satellite Business, now the industry leader in UPI. – Instruction: Humanize the given sentence.
Flipkart has helped lower the barrier of UPI activation with the ability to download the app, log in with the bank account of your choice, verify your details by receiving an SMS, and start using UPI. Shoppers would also be diligent in applying cashback offers for our service option.
The uniqueness of Flipkart has been shown throughout in enabling the connection of the RuPay cards for merchant payments using via UPI. These serve to make clear that the institution designs such systems to enable everybody, including the underserved, to be part of the financial solutions.
Since then, this has been laying roots for the PhonePe acquisition, resulting in a skyrocketing growth pulse under Flipkart. However, despite the independently-thinking character both organizations exhibited, their aspirations for development still have something in common.
Amazon Pay, a known fierce competitor, has made Flipkart’s entry into digital payments even more serious with the imminent competition in India’s promising digital finance ecosystem. This is just the beginning of the transformation. Brighter days will be here for all the customers.
