Flipkart Joins Hands with PhonePe's Rival Paytm for Big Billion Days Sale
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In a surprising move, Flipkart has partnered with Paytm, arch-rival of its payments unit PhonePe, for the upcoming Big Billion Days sale. The alliance will provide customers a slew of offers and benefits at checkout.
From an experience point of view, paying with wallet balance will be the fastest way for Paytm users to checkout during the Big Billion Days Sale, making sure customers do not miss out on flash sales, as per the company’s official statement. In addition, Flipkart customers will enjoy immediate cashback to their Paytm wallets.
“Our partnership with Paytm showcases our commitment to make digital payment solutions customer-centric and inclusive, democratizing digital payments for all. This festive season millions of Paytm users across the country will have access to their wallets and UPI on Flipkart,” said Ranjith Boyanapalli, head of fintech and payments group, Flipkart, reflecting on the joint venture.
“With just one click customers can avail great value during flash sales this Big Billion Days as they continue to stay indoors and adopt safe payment methods. Digital payments, including UPI, continue gaining prominence in India and at Flipkart, we have always believed that digital adoption will help India get economically stronger.”
Madhur Deora, president, Paytm concurred and said "It is great to see two technology companies collaborating to offer seamless shopping and payment experience. Flipkart has championed e-commerce in India, and together we aim to replace cash on delivery with digital payments via Paytm Wallet and Paytm Bank account. Our aim is to empower millions of Indians with innovative solutions that would play a key role in building Atmanirbhar Bharat. Paytm is a pioneer of the digital payment ecosystem and our efforts have started reflecting in the strong adoption among small cities and towns.”
Data from the Reserve Bank of India (RBI) suggests that the total number of digital transactions, practiced through any electronic mode, is expected to reach a daily average of 1.5 billion in the next five years.
“Partnerships such as this will further boost the uptake of digital transactions as India continues to stay indoors and maintain social distancing,” the company statement said.