Flipkart ties up with Axis Bank to roll out UPI payment service

Indian e-commerce firm Flipkart has launched its unified payment interface (UPI) to enhance its digital payment offerings.

Powered by Axis Bank, Flipkart UPI will initially be available for Android users.

The announcement comes amid regulatory troubles for Paytm. The Reserve Bank of India has told Paytm that no further deposits, credit transactions, or top-ups will be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards after 15 March.

Flipkart UPI will offer  loyalty features such as supercoins, cashbacks, milestone benefits, and brand vouchers, the company said.

With over 500 million customers, the Flipkart group is one of India’s leading digital commerce entities and includes group firms Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.

Flipkart UPI is being launched over a year after it announced separation of ownership with PhonePe, which it had acquired in 2016. As a digital payments platform, PhonePe offers UPI payment among other services.

In 2023, UPI processed over 117 billion transactions valued at ₹182.84 trillion ($2.21 trillion), with participation from banks, payment service providers, and fintech companies. 

Flipkart is looking to tap into its existing customer base,, through its UPI service.

Dheeraj Aneja, senior vice-president for fintech and payments at Flipkart, said, “Recognizing the dynamic digital landscape, the launch of Flipkart UPI seamlessly merges the convenience and cost-effectiveness of UPI with the trusted efficiency customers expect from us.’

“At Flipkart, we are committed to delivering the best-in-class commerce experience to customers by offering safe and convenient payment options along with a wide array of rewards and benefits such as Supercoins, Brand Vouchers, and others. Furthermore, Flipkart UPI underscores our dedication to shaping a digitally-empowered society and reaffirms our role as a leading catalyst in India’s digital evolution,” Aneja said. 

Sanjeev Moghe, president and head-cards and payments at Axis Bank, said, “Axis Bank has always been at the forefront of extending multiple payments flows of UPI to its customers. We continue to scale our growth in UPI with partnerships and innovations. Our partnership with Flipkart has come a long way from launching one of India’s most successful co-branded credit cards to now launching the Flipkart UPI service.”

Customers can register for UPI with @fkaxis handle and can process all fund transfers and checkout payments using the Flipkart app.