Amid Paytm Crisis, Flipkart Launches Its UPI Services; Here¡¯s A Step-By-Step Guide To Use It
On January 31, the Reserve Bank of India (RBI) imposed major business restrictions on Paytm Payments Bank Ltd (PPBL), including a bar on accepting fresh deposits and credit transactions after February 29. The central bank later extended the deadline to March 15.
Ever since then there¡¯s been a lot of uncertainty in the world of UPI.?
In a fresh update, Flipkart has entered the digital payments sector through a collaboration with Axis Bank, introducing its newest service, Flipkart UPI. This is being seen as Flipkart's move to compete with the likes of Amazon Pay, Paytm, Google Pay, PhonePe and other UPI based apps.??
The introduction of this new e-commerce platform service coincides with the Reserve Bank of India (RBI) scrutinizing Paytm Payments Bank, creating an opening for other fintech players.
How Will The Flipkart UPI Work?
Flipkart UPI enables users to make online payments seamlessly within the Flipkart app. It also allows them to send money to local vendors, friends, and family using UPI ID, phone numbers, or QR codes. Moreover, the service extends its functionality to include bill payments.
Follow these steps, if you want to begin using Flipkart¡¯s newly-launched UPI services:
Step 1: To access the most recent features and updates, download and install the latest version of the Flipkart app from either the Play Store (for Android devices) or the Apple App Store (for iOS devices).
Step 2:? Search for the 'Flipkart UPI' banner within the app and simply tap on it.
Step 3: Choose the 'Add bank account' option from the provided menu.
Step 4: Select the bank you want to link with Flipkart UPI from the available options.
Step 5: Finish the verification process as prompted to successfully link your chosen bank with Flipkart UPI.
Step 6: After the verification process is completed, users can start utilizing Flipkart UPI to make payments smoothly.
In the initial phase, the UPI service will be exclusively accessible for Android users.
The introduction of Flipkart UPI by the e-commerce platform is regarded as a strategic move to broaden its footprint in the digital payments industry, presenting competition to Amazon, which has already established its payment vertical, Amazon Pay. This launch aligns with the growing trend of digital adoption in India, where an increasing number of users are opting for online transactions due to their convenience and enhanced security.
