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Flipkart Launches Super.Money Fintech Platform
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Launched with a $20 million investment
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Provides lending, insurtech, and other fintech services
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Strategy to diversify and enhance profitability
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Aims to maintain dominance in e-commerce and establish a strong presence in fintech
Walmart-owned e-commerce giant Flipkart has made its foray into the Unified Payments Interface (UPI) arena, allowing users to create their UPI handles for transactions both within and outside its platform. This move is aimed at simplifying payments for its extensive user base, which comprises over 500 million registered users and 1.4 million sellers. By seamlessly integrating UPI into its app, Flipkart aims to offer a hassle-free payment experience for purchasing goods, paying bills, and facilitating peer-to-peer transactions, according to the company's statement.
Partnership with Axis Bank
To kickstart this initiative, Flipkart has collaborated with Axis Bank to introduce the '@fkaxis' UPI handle. Additionally, the company is set to unveil a new fintech platform, Super.Money, to expand its financial services, encompassing lending, insurance, and more.
Reducing Reliance on Third-Party Apps:
Flipkart's UPI service poses a direct challenge to third-party payment apps such as Google Pay, PhonePe, Paytm, and Amazon Pay. By providing an in-house payment solution, Flipkart not only aims to retain users within its ecosystem but also to enhance user convenience by obviating the need to switch apps for making payments.
Flipkart UPI is Live!
Check for Scan & Pay option on homepage.https://t.co/2OjcgKRwe0#FlipkartUPI #Flipkart pic.twitter.com/Arj646iMvV— DealBee Deals (@DealBeeOfficial) February 28, 2024
The Convergence of E-commerce and Fintech
Flipkart's launch of its UPI service mirrors a broader trend where e-commerce giants are increasingly merging with fintech to offer holistic services to their clientele. This convergence seeks to furnish users with a one-stop-shop experience, wherein they can access a plethora of services, from shopping to financial transactions, all under a single platform. Flipkart's venture into UPI payments, coupled with its fintech aspirations, underscores its dedication to enhancing customer experience and convenience.
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