India’s biggest e-commerce company Flipkart Ltd propelled versatile wallet Flipkart Money for consumers on Android Mobiles, year and a half after it shut down its payment gateway of PayZippy.
Flipkart launches e-wallet to take on Paytm, Freecharge, And Others
The relaunch goes ahead the heels of its September securing of payments services start-up FX Mart Pvt. Ltd, which holds a prepaid wallet permit. Flipkart initially wanted to launch the wallet before the company’s Big Billion Day deal in mid-October At long last, Flipkart launched the wallet this week, six months after purchasing FX Mart. It’s not clear if the organization will open up Flipkart Money to other sites.
The wallet would also offer Flipkart some assistance with increasing the extent of cashless transactions and cut operational costs included with Cash on delivery(COD) Payments. It’s not just e-commerce sites that work wallets. New companies, for example, Mobikwik, Oxigen, PayU, Citrus Pay, and Novopay too have raised significant funding to help digital payments easier.
Paytm founder Vijay Shekhar Sharma got to be one of the 11 beneficiaries of an on a principle level for approval for a payment bank permit issued by RBI, with which benefits like savings, deposits, payments and remittances can be given to customers.
According to the Nielsen report, the most famous mobile payment apps are those that provide services far beyond pure payment such as mobile recharging, ability to book film tickets, shopping etc, which companies like Paytm and e-commerce platforms like Flipkart have an edge over those that simply give the utility of a wallet.