4 March 2016, Bangalore: Flipkart now directly locks horns with Paytm as India’s largest ecommerce giant launched its mobile wallet ‘Flipkart Money’. The launch came just after 18 months after it shut down its payment gateway ‘PayZippy’.
Last year, Flipkart has acquired Bangalore-based company FX-Mart which will now assist the ecommerce giant for its mobile wallet. Currently the app supports Android devices, and can be topped up with Rs 10,000 at a time using credit card, debit card and net banking. The platform will provide features such as quick refunds, single click payments, payment for online shopping etc. to its customers. However, company has restricted its balance to Rs 10, 000 and a total of Rs 25,000 can be added to it a month.
Money is part of Flipkart’s Wallet which also includes WS Retail Credit (WS Retail is the main seller on Flipkart), Gift Cards and other saved cards on the online retailer Flipkart’s local rival Snapdeal also has wallet called Freecharge while Alibaba-backed PayTM operates both a wallet and marketplace, reports ET.
In its earlier move, Flipkart through its payment gateway Payzippy had applied for a license in July 2013 but its request was turned down by the authorities. This forced the company to shut down its wallet service ‘Payzippy’.