Flipkart Launches Payzippy Online Wallet for Shoppers

Flipkart launched its own payment gateway for merchants called PayZippy in July. Today, they have announced that PayZippy will also act as an online wallet service for online shoppers.

An online wallet is supposed to be a secure online account which holds your financial information like credit/debit card details and bank account information. When users use PayZippy’s online wallet system, it will ask them to enter these details once. After that, you can always use PayZippy to quickly make payments on ecommerce stores which have integrated with PayZippy. This saves users the trouble of entering these necessary financial details every single time they shop online, thus reducing the tediousness of the process for users. The wallet service is free to signup for users.

The company has also tied up with various ecommerce merchants across categories in India. They include MakeMyTrip, Zansaar, Lenskart, BabyOye and others. Flipkart plans to scale this service to get many more online merchants to incorporate PayZippy on their websites. As an introductory gesture, signing up on PayZippy will make users eligible for some special deals and discounts on items listed on partner sites.

Here’s what Mekin Maheshwari, Head of Payments and Digital Media at Flipkart had to say about the service,

“We are constantly focusing on ways to make the online experience a better one for the customer. With PayZippy we have actually reduced the time taken for making online payments by 50%. We are expecting at least 150,000 customers to sign up for this service within the first month and our target is to get 1 million customers by next June.”

This is a good development from the point of view of online sellers as this online wallet is geared towards improving the process of online payments. Online wallets provide security and convenience for users. Flipkart’s credibility will also help more people to sign up and use the PayZippy service. What this will do is reduce COD orders as more people will trust online payments. COD orders are currently being viewed as a problem by many ecommerce companies because they create unnecessary operational hurdles. The only solution to ridding Indians users from the COD mindset is to make payments simpler and faster. With PayZippy, the ecosystem has taken one step further. There are many improvements that will happen in the next couple of years.

Competitors to PayZippy include Google Wallet and Amazon Payments.

Do you use PayZippy as your payment gateway service? Do let us know about your experiences with the service.