Flipkart, India’s leading e-commerce giant, is gearing up to introduce its payment product within the coming month.
The primary objective is to streamline user engagement, ensuring faster returns and expediting transaction processes.
Flipkart Group CEO, Kalyan Krishnamurthy, shared this insight in an exclusive interview with Moneycontrol, refraining from disclosing specific details about the upcoming product.
The platform has been actively testing its Unified Payment Interface (UPI) with select users in recent weeks.
Flexible Payment Options for Customers
According to Krishnamurthy, Flipkart’s new offering will empower customers to make payments according to their preferences.
Whether opting for UPI transactions or other methods, users will have a range of choices with a dedicated payment offering.
Krishnamurthy emphasized Flipkart’s plan to launch various financial services products in the future, focusing on increasing customer frequency and enhancing purchasing power.
He stated, “The biggest opportunity in what we are trying to do is customer frequency. We want to keep people coming back and shopping.”
Previous Financial Ventures by Flipkart
In July of the previous year, Flipkart ventured into the lending marketplace in collaboration with Axis Bank, introducing a co-branded credit card and a ‘Buy Now, Pay Later’ facility.
With over 45 crore active consumers, Flipkart’s financial services include insurance and mobile recharge facilities on its platform.
Strategic Partnerships for Financial Services
Krishnamurthy highlighted Flipkart’s collaborative efforts with financial institutions for its array of financial services.
He stressed the importance of understanding consumer behavior in India, where high ASP (Average Selling Price) products like TVs, refrigerators, and expensive phones are often purchased through lending products like EMIs.
While Flipkart aims to enhance its value proposition for high ASP products, Krishnamurthy clarified that the company does not intend to become a major player in the payments or fintech industry with its own financial services.
