A lot is happening in the digital payments world right now. A new competitor joined the mobile wallets list, as Flipkart rolled out ‘Flipkart Money’. Also Facebook tied up with Payment Gateway, CitrusPay to enable ecommerce transactions through the social networking site.
Read on to know the details.
Flipkart Money to compete with FreeCharge & Paytm
The latest development by Flipkart, comes 6 months after the online marketplace acquired payments startup– FX Mart.
Highlights of Flipkart money:
- As of now the service is available only to Android smartphones & tablet users
- Transactions up to Rs. 10,000 at a time using a credit/debit card & net banking is allowed
- Rs. 25,000 can be added to the wallet per month
Flipkart Money can help the etailer to reduce COD orders, increase cashless transactions, and offer seamless payment & quick refunds to its customers. This will make the platform more buyer and seller friendly.
The biggest advantage is that with the creation of this new service, Flipkart has the same ammunition as marketplaces Snapdeal that has Freecharge Digital Wallet and Paytm, which was always an online payment platform.
Facebook partners with CitrusPay to cash in on ecommerce boom
Possesing an effective payment solution is one of the most important factors for the success of any ecommerce business. Social Media giant, Facebook wants to explore the growing Indian ecommerce market and understands this point very well.
First, it allowed brands to set up shop on the networking platform and added a ‘Buy’ button. Taking its ecommerce aspirations even further, the popular network site recently tied-up with payment gateway solutions & mobile wallet company, CitrusPay.
CitrusPay’s Managing Director Amrish Rau affirmed, “Social payments are increasing exponentially. More and more businesses are using social channels for business instead of dedicated e-commerce websites. We are keen to enable Indian consumers to buy directly from social posts on Facebook and Twitter.”
Will Facebook disrupt ecommerce ranking?
As of 2015, Snapdeal has 60 million+ registered users and Flipkart 26 million+. On the other hand, Facebook India has 125+ million user base. That’s a huge difference.