Flipkart likely to launch its payment product within a month

Flipkart will launch its payment product within a month, as it looks to bringing back users more frequently and drive transaction velocity, its Group CEO Kalyan Krishnamurthy said. Flipkart has been piloting its Unified Payments Interface with a select set of users for some weeks now. This will be followed up with multiple financial services products that are likely to increase the frequency of its customers using the platform.

In an interview with a leading daily, Krishnamurthy said, “The way the customer would want to pay, they will be able to pay. Again, if the customer wants to pay using UPI, they'll be able to pay. For the customer, the 500-600 million users who come on Flipkart… they want to make a payment, they want to make a flight booking, they want to buy medicines - that's the way we think about it. They will have a particular payment offering.”

The financial services products that will be followed will likely increase the frequency of its customers using the platform and enhance the customers’ purchasing power to buy more products on Flipkart.

“The bigger opportunity there what we are trying to do is frequency. We want people to keep coming back so that eventually they will do commerce. In my mind, payments and fintech, the word fintech is generally used quite loosely, is very different,” Krishnamurthy said.