Flipkart has announced the launch of Flipkart Pay, a new integrated vertical that consolidates all its financial and payment services. This strategic move aims to streamline and enhance user experience as the e-commerce giant prepares for the upcoming sale season.
Flipkart Pay will encompass a variety of services, including Flipkart UPI on its shopping app, bill payments, insurance, buy-now-pay-later options, EMIs, gift cards, and co-branded credit cards.
“Flipkart has reimagined its financial services with the introduction of Flipkart Pay, offering a comprehensive and seamless experience to simplify your financial transactions,” the company stated, as quoted by Fortune India.
The platform is designed to provide instant payment services, facilitate recharges, and offer credit products, aiming to boost customer engagement with a faster and more secure payment experience.
This initiative follows Flipkart’s separation from PhonePe, another Walmart-owned entity, in December 2022. Since then, Flipkart has been focused on expanding its fintech capabilities.
This expansion began with the introduction of Flipkart UPI in collaboration with Axis Bank, which saw over five million transactions amounting to ₹7,200 crore. The company also launched a beta version of its fintech venture, SuperMoney, on the Android Play Store on June 26.
SuperMoney is set to provide a range of financial services including payments, credit, and deposits. Additionally, on July 10, Flipkart rolled out bill payment services through a partnership with BillDesk, covering recharges for Fastag, electricity, and mobile bills.
This move comes as Flipkart’s rival, Amazon, is also heavily investing in its Indian fintech sector.
In June, Amazon India committed ₹7,600 crore to Amazon Pay, which had recently secured its Payment Aggregator licence from the RBI in February. This investment reflects the growing competition in the digital payments space, currently dominated by Google Pay and PhonePe.
