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…
