Flipkart, India’s leading e-commerce platform, has recently announced its fintech strategy. The company is exploring the potential of Insurtech, Credit Cards and Central Bank Digital Currencies (CBDCs). This move is part of Flipkart’s mission to make digital payments more accessible and secure for its customers.
Insurtech is a rapidly growing sector in India, and Flipkart is looking to capitalize on this trend. The company has partnered with Acko General Insurance to offer customers a range of insurance products. These products include health, motor, travel, and home insurance. Customers can purchase these products directly from the Flipkart app. This will allow customers to easily compare and purchase insurance products without having to visit multiple websites or stores.
Flipkart is also exploring the potential of credit cards. The company has partnered with Axis Bank to launch a co-branded credit card. This card will offer customers rewards and discounts on purchases made through the Flipkart app. Customers will also be able to avail of additional benefits such as cashback and reward points.
Finally, Flipkart is looking into the potential of CBDCs. The company is exploring the possibility of launching a digital currency in partnership with the Reserve Bank of India (RBI). This would enable customers to make payments directly from their bank accounts without having to use a third-party payment processor. This would also help reduce transaction costs and provide customers with more secure payment options.
Flipkart’s fintech strategy is a bold move that could revolutionize the way digital payments are made in India. By exploring the potential of Insurtech, Credit Cards and CBDCs, the company is taking steps to make digital payments more accessible and secure for its customers. This could have a positive impact on the Indian economy by increasing financial inclusion and reducing transaction costs.
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- Source: Plato Data Intelligence: PlatoAiStream