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Exclusive: Flipkart shutting Payzippy, invests in Ngpay

Indian online marketplace Flipkart is phasing out its payment gateway business Payzippy, a little over a year after it launched it, MediaNama had learnt from reliable sources. In response to a query from MediaNama, Flipkart informed us that it has made a strategic investment in mobile payment company Ngpay (Jigrahak Mobility Solutions Pvt Ltd), and it is phasing out Payzippy. Payzippy's website lists clients such as babyoye, Bluestone.com, Makemytrip, Travelyaari, Caratlane.com, Yepme, Zansaar, Lenskart and Yepme, and the company has said that nothing will change for customers, since the technology developed by the Payzippy team will continue to power payments for Flipkart. Note that the Economic Times, in July 2014, had reported that Flipkart may buy Ngpay. Flipkart has said that it has made a strategic investment. Ngpay appears to have a fairly comprehensive mobile app based marketplace, offering ticketing from IRCTC, multiple bus travel services, flight tickets, apart from recharging and top-ups, cinema tickets and events. Payments are allowed via Mastercard, Visa, Maestro and American Express. I just signed up for ngpay, and was informed that I'm its 3,850,027th user. It had raised $2.2 million from Helion Venture Partners in 2006. The statement that Flipkart shared with us: Flipkart is pleased to announce a strategic investment in ngpay, a company that has pioneered mobile payments in India. Payments is core to Flipkart and we see this partnership giving rise to the largest mobile payments brand in India. Sourabh Jain’s expertise will help us drive innovation in payments, with features and products that provide a…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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