wordpress blog stats
Connect with us

Hi, what are you looking for?

Flipkart confirms testing Flipkart Money wallet to ease cash refunds

wallets
Flipkart is currently testing a pilot digital wallet service named ‘Flipkart Money’, primarily aimed at cutting costs while handling cash refunds, the company confirmed to MediaNama. It can also be used as a payment method. We’ve written to the company for more details and will update this once we hear from them.

According to an Economic Times report, Flipkart Money will be a semi-closed wallet, and is currently being tested on the Flipkart Android app. Users can top-up the wallet with a maximum amount of Rs 25,000, every month. Cash from the wallet can also be transferred to credit cards or to bank accounts. The wallet service can only be used for payments and refunds on the Flipkart site.

FX Mart stake: In September 2015, Flipkart acquired majority stake for Rs 45.4 crore in FX Mart, which holds a prepaid payments instrument license from the Reserve Bank of India (RBI). At that time, Flipkart was not planning to use the payment service on its own platform, but instead offer this service on third-party sites and apps later. Apparently, two senior Flipkart executives had also joined the board of FX Mart.

Ngpay stake: It had acquired 65.71% stake in mobile payments platform ngpay in December 2014, which was set up in Singapore. Flipkart’s investment in ngpay assumed significance as the company had begun phasing out its own payments gateway Payzippy in August 2014 after the RBI did not grant it a semi-closed wallet licence in 2013, for which it had applied in July 2013.

Recent Flipkart developments:

– Last month, Flipkart shut down its grocery delivery service ‘Nearby’ just five months after its launch in October 2015. A Flipkart spokesperson told MediaNama that the service was an experiment for understanding efficiencies and operations of a hyper-local business.

– In December 2015, Flipkart exited its e-books business saying that the division was not a strategic fit for the company. It added that the ebooks purchased on the platform would be serviced by Canada’s Rakuten Kobo. The company had launched its ebooks section in 2012.

– Last month, Flipkart launched same-day seller service called ‘Spotlist’ for sellers including SMEs, artisans, and other businesses across the country.

– In January this year, Flipkart started a pilot in Bangalore where users will be able to book motorbikes and cars online, in partnership with two local dealers, Khivraj Motors for motorcycles and Kalyani Motors for Maruti-Suzuki cars.

Picture Credits: Flickr User Canadian Pacific under CC BY-NC 2.0

You May Also Like

News

The National Payments Corporation of India is in the process of rolling out a completely open source platform for the Unified Payments Interface (UPI)...

News

MobiKwik’s net revenues grew by 134% to ₹379 crore at the end of FY20 from ₹162 crore on the back of higher revenue from...

News

Non-bank lender Bajaj Finance is planning to enter the competitive Unified Payments Interface (UPI) market with its own third-party app called Bajaj Pay. The...

News

Digital payment adoption has grown significantly in the last year, reflecting a secular trend among Indian consumers and businesses, TR Ramachandran VISA Inc’s group...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ