Flipkart Expands Digital Payment Services with New Recharge and Bill Payment Options
E-commerce behemoth Flipkart is now growing its digital payment capabilities with the launch of new recharge and bill payment alternatives, months after launching its UPI services. The company will now provide users with alternatives like Fastag, DTH recharges, landline, broadband, and mobile postpaid bill payments on its app, in addition to its current energy and mobile prepaid recharge options. The startup in Bengaluru has partnered with BillDesk, a digital payment platform, to include the new services into the Bharat Bill Payments System (BBPS), which is managed by the National Payments Corporation of India (NPCI).
This development also suggests that Flipkart wants to get further involved in the fintech industry. The business has launched several initiatives in an attempt to get into the digital payment market. For example, the massive online retailer just put super.money, a digital payment network, into beta testing to provide UPI services, cashbacks, and rewards on Flipkart, Myntra, and Shopsy. On June 23, the app launched on the Google Play Store.
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The company tested its full-fledged UPI services with a small group of consumers in January before launching them in March 2024. According to the business, UPI transactions totaling INR 197.24 Cr were recorded in March. The company, with its foray into the financial sector, faces competition from Paytm and Jio Financial Services, as well as from its previous subsidiary, Phonepe.The organization is eager to enter the fast commerce market in addition to the finance space. Flipkart is trying to make a third attempt at entering the rapid commerce industry, according to an Inc42 report, following two previous failed attempts. Additionally, the business had discussions with Zepto about purchasing a stake, but those discussions ended and are not likely to be renewed.
It is noteworthy to mention that these endeavors are underway while Flipkart considers relocating its parent company from Singapore to India in preparation for its first public offering (IPO).
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