Flipkart's UPI Handle Records Over 5 Mn Transactions In March

In a remarkable start, e-commerce behemoth Flipkart reported over five million transactions, amounting to Rs 200 crore, through its unified payments interface (UPI) handle in March.

What Happened: As per a report by Moneycontrol, the UPI handle, known as @fkaxis, was initially released to a select group of users for stability testing in accordance with the National Payments Corporation of India (NPCI) regulations. March marked the first month where the handle was accessible to all Android users, with an iOS version anticipated to be released in the near future.

See Also: Zepto Rejects Flipkart’s Acquisition Offer, Eyes $2.5B Valuation In New Funding

Flipkart has not revealed the number of users who have registered for its UPI handle. The company provides minor rewards for using its UPI, but it remains unclear whether these incentives played a role in the successful launch. Once a customer registers for the Flipkart handle, the payment option is likely to be prominently displayed on the checkout page for future transactions.

Despite being a newcomer in the UPI space, Flipkart’s performance is noteworthy. For instance, mobile payments firm Mobikwik recorded approximately eight million transactions in March, while fintech apps Groww and Jupiter reported less than seven and six million transactions respectively.

Why It Matters: Industry insiders are forecasting that Flipkart’s UPI usage will likely surpass that of Amazon Pay UPI in the long run. This prediction is based on Flipkart’s widespread popularity in tier 2 cities, towns, and villages where UPI usage is expected to be higher.

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Posted In: FintechFlipkartUPI
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