In a bid to offer Indian merchants with higher optimization at various levels and ensure security, Flipkart has launched online payment solution, PayZippy. The service company that will only power card payments for websites and mobile sites of Indian merchants is expected to soon extend the service for customers as well.
Flipkart said that this system has been used by the company for an extensive period with significantly higher success rates than market. PayZippy which will work for card payments on both web and mobile will follow all security standards just as any other payment gateways. The payment solution is PCI DSS certified and is backed by an indigenously developed advanced fraud detection system. PayZippy aims to partner 2,000 merchants by March 2014.
Speaking about the launch, Sachin Bansal, co-founder and CEO, Flipkart.com said, “Throughout our journey we have been looking to build solutions that could empower the whole ecosystem and not just Flipkart. Flipkart’s marketplace and PayZippy are the first two examples of this. This is an exciting beginning”.
To add on benefits received through use of Payzippy, Flipkart had even tried providing competitive pricing for debit cards i.e 0.75% for transaction value of INR 2000 and 1% for more than INR 2000. For launch promotion it is offering 1% lower than the standard pricing for the credit cards for first 6 months.
The solution which is also expected to launch for consumers soon will enable them to save their card details in their PayZippy account. They will then be able to use this saved card for transactions on merchant websites without having to type or share sensitive card details which will significantly cut down on transaction time and errors.
Flipkart launched its own marketplace in April this year which enables small merchants and enterprises to sell their products directly on the e-commerce platform. Soon after that Amazon entered India with its market place with initially selling books and adding gadgets like mobiles and cameras later.
PayZippy will now compete with existing players in the online payment gateway space including PayTM, PayU, BillDesk, ZaakPay and others.