Flipkart Payment Gateway Services Pvt. Ltd. has launched an online payment solution, PayZippy. The company claims that the launch version of PayZippy supports card payments for domestic merchant websites and mobile sites. The company claims that the service has become operational with four banks. What is Flipkart doing differently with PayZippy? Speaking to Medianama, Mekin Maheshwari, Head of Payments & Digital Media at Flipkart said that the success rate of transactions going through payment gateways is crucial to merchants. While payment gateways tend to pick banks which offer lower pricing, Flipkart intends to partner with banks that provide higher efficiency, even if it meant higher pricing. Maheshwari explains that the problem lies at different stages of the payment process. The success rate varies by the issuer. While the payment gateways have no control over the issuer, gateways have control over bank gateway that they connect to for any card. Update: Flipkart has clarified that bank payment gateways have very high variances in success rates, over time and across different types of cards. They have even noticed that at times off-us transactions are more successful than on-us transactions for some banks. This is an exception, but it happens. The company claims to have been working on this payment solution for the last two years and observing automated monitoring and routing to create analytics on success rates of different cards through different payment gateways. This service is meant to add to the bottom line of Flipkart's ecommerce venture overtime although no number have been…
