Instamojo, a website which allows users to buy and sell their digital goods, has introduced an online store that will provide users with tools to build a page and sell products on them. The storefront will be made available on instamojo.com/<username> and will be free to maintain.
Instamojo will essentially profit from integrating its payment service into these webfronts on which it charges 1.9% of the transaction amount. Unfortunately, it looks like users can’t use their own domain name, so it’s not really useful for larger businesses. Bigger merchants will be better off creating their own website on their own domains, but for smaller businesses or individual sellers, this should be useful storefront to sell on.
As an introductory offer, Instamojo is holding a contest for the ‘best’ store made on its platform by the 21st of this month, which will get free transactions for the first year. The company currently has launched a few storefronts, and provided some guidelines on how to go about creating one.
Instamojo first introduced a new option for sellers to sell and collect payments for physical goods in July 2014. Till then the platform supported payment collection service for digital goods and services only, although it allowed users to give away physical goods for free. In September the same year, it launched an app store that provides users with a suite of apps to simplify online selling and collection of payments.
Instapay launch: In May last year, Instamojo launched Instapay, a payment method that lets users collect payments using their Instamojo usernames. Essentially, the user’s username would act as a proxy for their bank account, enabling to pay directly.
Founded in 2012 by Sampad Swain, Harshad Sharma and Akash Gehani, Instamojo allows users to collect online payments by simply creating a payment link, adding details like price, sharing the link on websites, through an email, and even on WhatsApp or through SMS, and receive payment.