Flipkart UPI Handle Launch: A New Era in Digital Payments

  Flipkart & Axis Bank's Bold Step: Introducing @fkaxis UPI Handle for Next-Level Digital Payments

Introduction:

In a groundbreaking move, Flipkart has officially launched its very own Unified Payments Interface (UPI) handle, marking a significant step towards reducing dependency on third-party payment platforms.

The collaboration with Axis Bank has resulted in the birth of @fkaxis, a UPI handle that seamlessly integrates with the Flipkart ecosystem.

 

Reasons Behind the Launch:

Flipkart and Axis Bank Redefine Payments: Meet @fkaxis UPI Handle, Your Gateway to Rewards

The decision to introduce its UPI handle stems from multiple considerations.

Firstly, it aims to combat the issue of online shopping cart abandonment by enabling customers to complete their purchases without leaving the main Flipkart app.

This not only streamlines the buying process but also enhances the overall user experience.

 

Moreover, having its UPI handle allows Flipkart to assert control over the payment process, eliminating the reliance on third-party apps.

This move aligns with the company's commitment to offering a seamless and secure digital commerce experience to its vast user base.

 

Key Features of @fkaxis:

 

Flipkart users can now link their bank accounts or RuPay Credit Cards to the @fkaxis handle. This integration offers a versatile payment solution, allowing customers to choose between their bank account or RuPay Credit Card for transactions.

To incentivize users, Flipkart has introduced a promotional scheme where eligible UPI payments through @fkaxis can earn users SuperCoins.

 

Promotional Scheme:

From Cart to Cashback: @fkaxis UPI Handle by Flipkart and Axis Bank Paves the Way

Understanding the importance of attracting users to onboard the UPI channel, Flipkart has launched a promotion scheme. Users stand a chance to earn SuperCoins for eligible UPI payments made via @fkaxis.

To avoid disappointment, users are advised to carefully review the terms and conditions associated with the promotion.

 

The NPCI Circular Boost:

 

Adding to the allure of Flipkart's UPI service is the recent National Payments Corporation of India (NPCI) circular, which emphasizes the onboarding of RuPay Credit Cards on the UPI channel.

This further expands the options available to Flipkart customers, providing them with more flexibility in their payment methods.

 

Aim for Independence:

By rolling out its UPI service, Flipkart aims to reduce reliance on popular third-party UPI apps like Paytm, PhonePe, Google Pay, and Amazon Pay.

This move is not just about offering a convenient payment solution but also about asserting Flipkart's independence in the rapidly evolving digital payment landscape.

 

Vision of Flipkart UPI:

Dheeraj Aneja, Senior Vice President - Fintech and Payments Group at Flipkart, expressed the vision behind the Flipkart UPI launch. He stated, "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."

Aneja emphasized Flipkart's commitment to delivering the best-in-class commerce experience by offering safe, convenient payment options, and a plethora of rewards and benefits.

 

Enhancing Payment Efficiency:

The Flipkart UPI service introduces one-click and quick functionalities for recharges and bill payments, enhancing overall payment efficiency for 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 range of delightful incentives, including the benefit of instant refunds.

 

In conclusion, Flipkart's foray into the UPI landscape signifies a strategic move towards self-reliance in the digital payments realm.

With its unique UPI handle, @fkaxis, and a host of incentives for users, Flipkart is set to redefine the digital commerce experience for millions of customers across India.

As users embark on their UPI journey with Flipkart, the promise of convenience, security, and rewards awaits.

Users are required to go through the terms and conditions to reduce the disappointment of not getting the anticipated SuperCoins.

         Go ahead, Best of Luck in your UPI Journey with Flipkart handle i.e @fkaxis

 

 

 

Disclaimer: These are my personal thoughts only. The bottom line is Spreading the Joy of Safe ePayments.

 

Safe and Stylish: Unveiling World SafeePay and Blouse Day Delights

 

The need for observing World SafeePay Day and World Blouse Day arises from the absence of dedicated global celebrations for these concepts.

World SafeePay Day aims to celebrate the joy of safe electronic payments in all financial transactions, representing an abstract celebration that highlights the significance of secure and efficient digital financial interactions.

As the world increasingly relies on electronic payment systems, having a designated day for SafeePay emphasizes the importance of secure and reliable digital financial transactions.

 

On the other hand, World Blouse Day seeks to celebrate the joys of wearing blouses in a more lively and visually impactful manner.

The concept involves a powerful display of togetherness, with millions of people stepping out wearing blouses based on a chosen theme.

This display celebration not only promotes a sense of unity but also serves as a unique and creative expression of shared identity through clothing.

 

The introduction of these days aligns with the United Nations' approach to designating specific days to raise awareness, promote action, and celebrate achievements related to various global issues.

While international days often focus on serious matters, World SafeePay Day and World Blouse Day offer a mix of abstract and lively celebrations, catering to the diverse interests and aspects of modern life.

In a world where electronic transactions and cultural expressions are integral parts of daily living, these designated days would contribute to fostering awareness and appreciation for safe ePayments and the joy of wearing blouses.

 

 

SafeePay's joy, transactions secure,

World Blouse Day, colors allure.

Digits dance, a digital delight,

Blouse themes bloom, in unity's light.

 

 

 

Presenting open by Axis Bank - AXIS MOBILE is Now open!

The Best of AXIS is at Your Fingertips: Presenting open by Axis Bank - AXIS MOBILE is Now Open!

In this blog post, we'll explore the exciting world of open by Axis Bank and the rebranded AXIS MOBILE app, where all your banking needs are just a touch away. Discover the convenience, security, and innovation that Axis Bank has brought to your digital banking experience.

 

Axis Bank has unveiled 'open by Axis Bank,' its digital banking initiative, as part of the Open 2023 campaign, showcasing the top 15 features of their digital offerings.

This move represents the bank's ongoing transformation into the digital space, emphasizing its commitment to a personalized and hassle-free digital banking experience.

The introduction of this mobile application underscores Axis Bank's shift toward enhanced digital services.

The AXIS Bank OPEN App provides a wide range of Pre-Login and Post-Login Features, making it a versatile digital banking tool.

One of its standout Pre-login Features is the Recharge option, which is particularly innovative and user-friendly. This feature is designed for both IOS and Android devices, and it allows users to recharge any mobile number directly from their contact list without the need to log in. Users can simply select a mobile number from their phone's contact list or manually enter the number they wish to recharge. After entering the recharge amount and confirming it with their mPIN, the recharge is swiftly completed, streamlining the process for added convenience.

Moreover, it's important to note that there are no charges for registering on Axis Mobile, whether you're using it on your iPhone or Android devices. This commitment to providing a fee-free registration process demonstrates Axis Bank's dedication to offering a cost-effective and user-friendly digital banking experience for its customers.

For over 30 years, the principles of 'open' have guided Axis Bank's customer-centric approach in the physical world, and this campaign marks their transition into the digital realm. 'open by Axis Bank' aims to establish itself as the epitome of digital banking, providing a user-friendly and modern interface for both existing and new customers.

The 'Open 2023' campaign showcases the top 15 features of the bank's digital offerings, emphasizing a personalized, intuitive, and hassle-free digital banking experience.

This move marks the bank's transition into the digital realm while staying true to the consumer-centric 'open' principles that have been its foundation for three decades.

As of now, 'open by Axis Bank' has seen significant growth, with around 13 million monthly active users, including approximately 8.4 million non-Axis Bank customers. With a high rating of 4.8 on the Google Play Store, Axis Bank maintains a strong position in the digital banking sector, offering more than 250 banking services on their mobile app.

Axis Bank remains committed to its 'open' principles, promising to deliver exceptional and distinct digital experiences in the ever-evolving world of banking.

Axis Bank, the third largest private sector bank in India, provides a wide range of financial services to various customer segments, including Large and Mid-Corporates, MSMEs, Agriculture, and Retail Businesses.

 

They have a vast network of 5,000 domestic branches and 15,751 ATMs across India. Additionally, they operate internationally with offices in Singapore, Dubai (at DIFC), Gift City-IBU, and representative offices in Dhaka, Dubai, Abu Dhabi, Sharjah.

They also have an overseas subsidiary in London, UK, focusing on various financial services.

Axis Bank, established in 1994, boasts a substantial balance sheet with a size of Rs. 13,17,326 crores as of March 31, 2023.

They have shown consistent growth, with a 5-year Compound Annual Growth Rate (CAGR) of 14% in Total Assets & Advances and 16% in Deposits from 2017-18 to 2022-23.

The key difference in the location of the registered and corporate offices is as follows:

 

01) Registered Office: The registered office of Axis Bank is situated in Ahmedabad, Gujarat, at the address 'Trishul', 3rd Floor, Opposite Samartheshwar Temple, Near Law Garden, Ellisbridge, Ahmedabad, Gujarat - 380 006.

 

02) Corporate Office: The corporate office of Axis Bank is located in Mumbai, specifically at Axis House, which has received a 'Platinum' rating from the US Green Building Council for its environmentally friendly facilities and carbon emission reduction efforts.

Disclaimer: My only joy is in spreading safe ePayments. I have no connection with Axis Bank, except as a Citi Card Holder. Please note that the information provided is based on publicly available knowledge, and I do not have any official affiliation with Axis Bank.

It's essential to verify and cross-check any financial or banking information independently before making any decisions or transactions.

 

 

 

Axis Bank leverages the Account Aggregator Framework to grow its Loan Book

Axis Bank leverages the Account Aggregator Framework to grow its Loan Book

          The Account Aggregator (AA) framework is gathering speed in India. In the last couple of months, almost all major Banks in India have onboarded the AA platform.

          The AA platform enables financial institutions as FIUs to seek banking account information of FIPs via the AA channel.

          Please note Financial Institutions are expected to be FIPs and FIUs

          The full form of FIP is Financial Information Providers

          The full form of FIU is Financial Information User

          In AA terminology, FIPs are the institutions having customer financial data and can share it to FIU or customer through Account Aggregators (AA). Ex – Banks, NBFC, Mutual Fund depository, Insurance Repository etc. As on date Banks, a couple of NBFCs have onboarded AA as FIPs

          In AA terminology, FIUs are institutions that consume the data from a FIP to provide various services to the end  consumer.

For e.g. a lending Bank wants access to the borrower’s data to determine if a borrower qualifies for a loan. The lending Bank is the FIU. Banks play a dual role – both as a FIP and an FIU. Ex – Lending firms, personal finance, wealth management companies

The 4 major benefits of this are: -

Benefit 01) In a strategic move, Axis Bank has onboarded multiple AA Apps as FIPs. These enable Axis Bank to leverage the FIUs features to grow its loan book.

Benefit 02) As the Bank Account Statement is retrieved through a secure channel, there are NIL chances of data manipulation. This removes the numerous steps associated with Bank Account Verification process

Benefit 03) The FIU features can be leveraged by any Financial Institution if it is already a FIP on the respective AA App. It is a Give and Take feature

Benefit 04) The sourcing teams can focus on quick disbursement of the Loan rather than focus on the Bank Account verification process.

 

As an example, Axis Bank is a FIP in one of the AA Apps.

On the same app, apart from Axis Bank, the following banks are also live: -

Karnataka Bank Ltd

Punjab & Sind Bank,

AU Bank

UCO Bank

YES Bank

HDFC Bank,

Canara Bank

Federal Bank

IDFC First Bank

Indian Overseas Bank

Karur Vysya Bank

IndusInd Bank

Union Bank of India

Bank of India

ICICI Bank

These means any of the above Banks can request account holders of other banks to share their account details via the FIU module.

These opens up endless possibilities to speed up the Loan sanctioning process

 

Brilliant, isn’t?

 

          As the Joy of AAs spreads around, more and more bank account holders will see a reduction in TAT for their Loan applications. This in turn will encourage more folks to route their transactions via formal banking channels.

          Copyrights, if any belong to the original copyright holder only.

          Additional Reading:

Axis Bank - 24x7 Personal Loans made easy with Account Aggregator dt.April 18, 2022 @ https://www.axisbank.com/progress-with-us/money-matters/borrow/how-account-aggregators-make-24x7-personal-loan-applications-easier

Axis Bank starts digital lending through Account Aggregator Framework dt September 22, 2022 @ https://www.axisbank.com/about-us/press-releases/axis-bank-starts-digital-lending-through-account-aggregator-framework#:~:text=Account%20Aggregators%20are%20entities%20licensed,in%20democratizing%20access%20to%20credit.%E2%80%9D

 

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More – Nothing Less.  

Axis Bank is tapping the lucrative urban microfinance market

          The success of ‘Axis Sahyog ’, program in Rural Bharat has led to Axis Bank to roll out this program to the urban areas too.

The aim of ‘Axis Sahyog’, is to offer  small ticket, unsecured loans to economically active poor women.

          The End to end processing – from customer on-boarding to disbursement and servicing, is  faster, seamless and paperless.

The loans will be disbursed at the doorsteps of the borrowers, through cash, bank account or card.

Axis Sahyog is aimed at Joint Liability Group (JLG) borrowers.           

The app has the capability to reduce the TAT to 5 days from the present 12 days.

Key features of Axis Sahyog are:

• Quick approval loans
• Doorstep delivery
• Collateral free loans
• Nil Processing fees
• Insurance for Customer and Spouse
• Option for cash / Saving account / Card based disbursement

Besides Uttar Pradesh, the Axis Sahyog programme is hinterlands of Bihar, Madhya Pradesh, Maharashtra, Orissa, Karnataka andJharkhand.

Today Axis Bank unveiled this program for the urban poor at Pune,  under the Bank's flagship microfinance programme and the services will be delivered via its technology driven 'TAB based lending' solution.

As these loans will be disbursed under the Joint Liability umbrella, these loans will be collateral free.

The lender plans to commence urban microfinance operations in 85 branches across Bengaluru, Chennai, Kolkata and Mumbai, in addition to Pune. The loans disbursed to self-employed women, part of Joint Liability Groups (JLGs) are for income generating purposes like tailoring, catering, running kirana shops etc, with an average loan size of Rs 15,000. Axis Bank is currently providing small loans to around 8 lakh households with a total throughput of Rs. 1500 crores.

The bank has also introduced a first-of-its kind concept of 'Map module' under which the villages as well as customer touch points such as meeting place and individual households will be geo tagged and displayed on a map. This feature will help in tracking locations and delivering financial services on time and with accuracy.

Axis Bank is currently providing small loans to around 8 lakh households with a total throughput of Rs 1,500 crore and has a presence in states such as Bihar, Uttar Pradesh, Madhya Pradesh, Orissa, Karnataka, Jharkhand, West Bengal and Tamil Nadu.

Under this, the loans will be disbursed to self-employed women, part of Joint Liability Groups (JLGs) small businesses like tailoring, catering and running grocery  shops with an average loan size of Rs 15,000.

According to Microfinance Institutions Network (MFIN) data, a self-regulatory organization for the industry,  the loan portfolio of microfinance institutions (MFIs) stood at Rs 53,233 crore as of 31 March 2016, up from Rs 28,940 crore a year ago.

In April 2015, RBI eased rules for MFIs, raising total indebtedness limit of a borrower to Rs 1 lakh, double the previous limit of Rs 50,000. The new rules state that MFIs can disburse loans to a borrower in urban or semi-urban regions, the annual income limit has been raised to Rs 1.6 lakh from Rs 1.2 lakh.

Axis Bank-India deploys 200 cash deposit machines. Try it now and provide your feedback.

8 points about Axis Banks' move to deploy 200 Cash Deposit Machines.

1. Axis Bank, is India's third largest private Bank, with a physical presence of 1300+branches and 7600+ ATM's.
2. To reduce the manual processing of Cash, it has announced deployment of 200 cash deposit machines.
3. The CDMs' have been installed in various branches across 90 cities in the country.
4. The CDMs' provide to its customers a 24 x 7 convenience of cash deposit with instant credit of all successful transactions.
5. The CDMs' will separate the notes denomination-wise, count and displays it for the customer’s confirmation before crediting the account.
6. A receipt slip is issued after each deposit made confirming the transaction.
7. The target is to add another 350 more such machines in the next 6 months.
8. The deployment of CDMs' will mean that the manual cash deposit transactions at the branch will be diverted to the automated environment.

What is a Cash Deposit Machine ?

In simple terms, the Cash Deposit Machine (CDM) is a self-service terminal that lets bank customers to make cash deposits.

Naturally, all successful transactions are immediately credited and customers will be issued an advice slip confirming the transaction.

3 safety tips for transacting at CDMs'

a) Do not publicize that you are making a Cash Deposit.

b) Do deposit only during day-time.

c) Preserve the Receipt, take a xerox or scan and store it.

RuPay Debit Card - India’s Own Card launched.

On 26/03/2012, India's own Card. 'Rupay', was launched.

The top 5 features of the launch are : -

1. Rupay payment network was inaugurated by Shri G. Padmanabhan, Executive Director, Reserve Bank of India.
2. Rupay Debit Card launched
3. Rupay Prepaid Card launched
4. Rupay Credit Card to be launched soon.
5. Rupay Debit Card to be accepted at 91,000+ ATM's and 6,00,000+ POS terminals all Pan-India.
6. Bank of India and Union Bank of India, are the first Banks' to offer Rupay Debit Cards to their account holders.
7. POS terminals of Axis Bank, Bank of Baroda, Corporation Bank and State Bank of India, will accept Rupay Debit \ Pre-paid Cards in the initial phase.
8. No initial participation fee and quarterly minimum processing fees. This would encourage Regional Rural Banks, Co-operative Banks and smaller commercial banks to offer ePayments to their account holders.

At present 26.80 crs debit cards have been issued by Indian Banks and in the near future, this number will go up, with more account holders opting for ePayments.

Now, with 'Rupay' in the field, the transaction costs for Banks are expected to go down substantially, Banks will be able to encourage ePayments.  

Axis Bank - Mohur Sliver Bars-- Extension of the Mohur Brand

7 bits of info on the Mohur Brand.

1. The first launch was the Gold coins with Assay certification of being 24 carat and 99.99% purity.
   
   
2. The Mohur Gold Bars are offered at the counter at its 1,400 plus branches located across the country.
   
   
3. In March 2012, the Mohur Brand was extended to Silver Bars, with the launch of Mohur Silver Bars.
   
   
4. The Mohur Silver Bars are 24 carat, imported from PAMP (Produits Artistiques Metaux Precieux) Switzerland, carry a 99.99% purity Assay certification and are packaged in a tamper proof cover.
   
   
5. During the stabilization phase, the Mohur Silver Bars in 100gm denomination will be available for sales at its branches in major cities of Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad and Ahmedabad.
   
   
6. In the near future, other cities will also be covered.
   
   
7. The rectangular Silver Bars can be purchased by all Axis Bank /non-Axis Bank customers either by Cash, Credit/Debit Card or through Account debit.

The rate of Silver in India of the last 10 years can be read at this Blog

IMPS Product Features - AXIS Banks

IMPS Product Features - AXIS Banks


Axis Bank has described it's IMPS Product features @ http://www.axisbank.com/24x7banking/imps/imps.asp


The write up is brief and to the point. 


The complaint resolution mechanism is not to be seen anywhere.