Flipkart launched Flipkart Money, the digital wallet service powered by payments firm FX Mart. The service is currently rolled out on website and android app.
Flipkart Money is a payment method in your Wallet that:
Helps you to receive instant refunds in Wallet for purchases made via Cash on Delivery (COD) and Net Banking.
Allows you to pay seamlessly for all your purchases across all sellers.
Allows you to withdraw funds to your bank account.
The wallet will help in getting instant refunds, Pay in a single click for your orders, add or delete Credit/Debit card(s) for quick checkout, add or transfer Gift Card(s) and view current balance of your different payment instruments.
FX Mart Private Limited holds the license for the Flipkart Money component of Wallet. Flipkart Money is a prepaid payment mode, and is licensed and regulated by the Reserve Bank of India (RBI). Money in your Flipkart Wallet can be used on all devices. However, Flipkart Money can be currently activated via Flipkart Android app and the website only. It will be available on other platforms like iOS and Windows shortly.
Flipkart Money is governed by the Reserve Bank of India’s Prepaid Instrument and Domestic Money Transfer Guidelines. At any point of time, the Flipkart Money balance cannot exceed Rs.10,000. Any inflow of Flipkart Money through top-ups cannot exceed Rs.10,000 per month. Any transfers from Flipkart Money to your bank account are restricted to Rs.5,000 per transaction and Rs.25,000 per month. [Source: Flipkart Wallet FAQ]
Flipkart Money can be used in Myntra app as well.
Some of the top mobile wallet players in India include Paytm, Mobikwik and Freecharge. Freecharge was acquired by Snapdeal last year. FreeCharge also provides a virtual card powered by MasterCard and Yes Bank which can be used on any Indian e-commerce website.
Flipkart had earlier shut down their payment service PayZippy in November 2014 after RBI did not provide the license for a semi closed wallet service which they had applied in 2013. In September 2015, Flipkart acquire a majority stake in FX Mart, which holds a prepaid payments instrument license from the Reserve Bank of India.
Post closing down PayZippy, Flipkart made a strategic investment in mobile payment platform ngpay in December 2014.
Earlier last month, Flipkart closed down its grocery delivery service ‘Nearby’, launched just five months back. Medianama reports that Flipkart Nearby was a pilot study for understanding efficiencies and operations of a hyper-local business.
Businesses shut down by Flipkart
Grocery delivery service Nearby started in October 2015 was shut down in February 2016.
eBook business was closed in December 2015 which was started in 2012. The company said in a statement that the eBooks purchased on the platform would be serviced by Canada’s Rakuten Kobo.
PayZippy, the digital payment service was closed in November 2014.
Flipkart shut down its Flyte Music service in June 2013.