Flipkart, one of the biggest e-commerce players in India, has launched its own digital wallet. The digital wallet named Flipkart Money is powered by it’s own payment firm FX Mart and has been silently launched on its Android app. The digital wallet service is now limited only to the Flipkart android app. Though the company has added the wallet tab on its website, it’s not completely functional as of now. On the website, the wallet can now only show current balance, details of transactions, and also add gift cards. The new feature will be made available on iOS and Windows in the future.
The new digital wallet will be quite helpful for the company to enhance its service to its customers and increase business. It will help the company to issue quick refunds to its customers. Users can add gift cards to the wallet, and also add credit and debit card details in the wallet. It will also allow the users to maintain a prepaid balance with the company to make faster payments while shopping using the app. The FAQs listed on the Flipkart website say that you cannot top up the digital wallet above Rs. 10000 in a month, and also the Flipkart money balance in the account cannot exceed Rs. 10000 at any point. The transaction limit from the wallet to the bank account of the user is limited to Rs. 5000 per transaction and a maximum of Rs.10000 per month.
To use the wallet facility, users whose accounts are OTP verified will only need to agree to the terms and conditions of the wallet. The terms and conditions of the wallet say that the KYC documents maybe verified for activation and continued usage of the wallet. The company has the right to cancel a user’s wallet at any point of time if they are not satisfied with the details provided, or if the details are incorrect.
The company had acquired a major stake in the FX Mart payment firm last September. At that time itself it was reported that the company has plans to integrate the payment service in both Flipkart as well as Myntra. The first actual form of this integration is now available to us on the Flipkart Android app after five months of the company’s collaboration with FX Mart. FX Mart is among the list of companies authorised by RBI as an issuer of semi closed prepaid payment instruments.
The digital wallet segment has been seeing such a great buzz over the last few months and everyone seems to be trying to put their hands in to this segment. Paytm, Freecharge, and Mobikwik are among the top players in the mobile wallet segment in India, and have been providing various payment services. Snapdeal, the biggest competitor to Flipkart have integrated Freecharge payment service to its apps and provides facilities such as mobile recharging, utility bill payments, DTH payment facility etc through its apps. Freecharge has also, in collaboration with MasterCard and Yes Bank, come up with a virtual card which can be used on any Indian ecommerce website for online payments. Now, Flipkart also seems to have joined the bandwagon.