News Analysis India

Tag: Indian economy

  • Flipkart Launches Its UPI Handle To Boost India’s Digital Economy Vision |

    Bengaluru: E-commerce giant Flipkart launched its Unified Payments Interface (UPI) handle to further enhance its digital payment offerings for all customers, including its 500+ million customer base.

    Empowering Users with Flipkart UPI

    With Flipkart UPI, users can now set up their own UPI handle for online and offline merchant transactions within and outside of the Flipkart marketplace. For a distinctive customer experience, loyalty features such as Supercoins, cashback, brand vouchers, milestone benefits, and more will be offered post the UPI launch.

    Versatile Usage with Flipkart UPI

    On the Flipkart app, Flipkart UPI can be used to pay for any product or service, including e-commerce transactions, Scan and Pay to UPI ID, and recharges and bill payments, the company said in a statement.

    Strategic Partnership: Flipkart and Axis Bank

    In its first phase, Flipkart has partnered with Axis Bank, wherein users can register for UPI with the @fkaxis handle for their digital transactions using the Flipkart app. (Also Read: Infinix Smart 8 Plus Launched With AI Camera Setup In India; Check Price, Specs And Colour Options)

    Vision of Flipkart UPI

    “Recognizing the dynamic digital landscape, the launch of Flipkart UPI seamlessly merges the convenience and cost-effectiveness of UPI with the trusted efficiency customers expect from us,” said Dheeraj Aneja, Senior Vice President – Fintech and Payments Group at Flipkart. “At Flipkart, we are committed to delivering the best-in-class commerce experience to customers by offering safe and convenient payment options along with a wide array of rewards and benefits such as Supercoins, Brand Vouchers, and others.”

    Driving Digital Empowerment

    According to Aneja, “Flipkart UPI underscores our dedication to shaping a digitally-empowered society and reaffirms our role as a leading catalyst in India’s digital evolution.”

    Enhancing Payment Efficiency

    It also introduces one-click and quick functionalities for recharges and bill payments, enhancing overall payment efficiency for the users. With the tagline, ‘India’s Most Rewarding UPI,’ the offering aims to provide customers an intuitive, safe, and convenient digital payment experience through its integrated checkout funnel and a slew of delightful incentives, including the benefit of instant refunds, according to the company.

    UPI’s Growing Landscape

    In 2023, UPI processed over 117 billion transactions worth Rs 182.84 trillion, showcasing a dynamic landscape with participation from banks, payment service providers, and fintech companies, according to reports. (Also Read: Ashwini Vaishnaw’s BIG Statement On Google-Indian Startups Row, Says..)

    Continued Partnership Growth

    “We continue to scale our growth in UPI with partnerships and innovations. Our partnership with Flipkart has come a long way from launching one of India’s most successful co-branded credit cards to now launching the Flipkart UPI service,” said Sanjeev Moghe, President and Head – Cards & Payments, Axis Bank.

    Seamless Transaction Experience

    “Customers can now register for UPI with @fkaxis handle and can do all fund transfers and checkout payments using the Flipkart app. This solution is cloud-hosted and hence provides one of the most stable and scalable UPI platforms for customers,” he added.

  • On BJP’s White Paper, Congress Mulling ‘Black Paper’ Move Against Modi Government |

    The Congress party is planning to bring a ‘Black Paper’ against the BJP government after the ruling party said it will present a ‘White Paper’ on earlier UPA government’s economic mismanagement. Congress president Mallikarjun Kharge is likely to present the report. As the government plans to present the white paper, the ongoing budget session of the Lok Sabha has been extended until Saturday, February 10. There will be no Question Hour session on the extended date. As per a Lok Sabha Secretariat notification issued on Wednesday, extension of the current session of Lok Sabha, as announced by the Chair today (7.2.2024) and agreed to by the House, the current session of Lok Sabha has been extended up to Saturday, February 10, 2024, in order to provide sufficient time for completion of essential items of Government Business.

    The BJP has planned to present the White Paper which will show the mismanagement of the economy by the earlier UPA government and the steps taken by the Modi government to improve the situation. It may be notable that under PM Narendra Modi, the Indian economy has become the fifth largest in the world from 11th in 2014.

    The last session before Lok Sabha polls expected to be held in April-May this year was started with the address by President Droupadi Murmu to the joint sitting of two Houses on January 31. It was earlier to be concluded on February 9.

    Adhir Ranjan Chowdhury, the Leader of Congress in Lok Sabha, stated that his party is prepared to address any papers the government brings to the House. “Narendra Modi has Congressphobia. We are ready to fight. The government can bring a ‘White Paper’, Red paper, black paper, we have no problem. However, Mehul Choksi’s papers should also be presented to the House,” Chowdhury told ANI.

    Welcoming the idea of bringing a ‘White Paper’ to the House, BJP Lok Sabha MP Rajiv Pratap Rudy said that the document is a much-awaited call and should be brought so that the public becomes aware of the corruption that occurred during the UPA tenure before 2014. “The government has passed the finance bill and the interim budget. If I recall correctly, the PM mentioned in his speech that they would present a White Paper on the mess that prevailed prior to 2014. I think it is likely to be listed tomorrow. It is a much-awaited call,” said Rudy.