Flipkart launches online payment solution PayZippy
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Bengaluru: An arm of e-commerce company Flipkart has launched PayZippy, an online payments solution, a standards-certified payment solution available to Indian e-commerce websites. It is backed by an indigenously developed fraud detection system and is robust and scalable, having been tested on flipkart.com over the past year.
“The online payments ecosystem in India has been plagued by a number of problems, such as low success rates, delayed refunds and lack of transparency in the end-to-end transaction process. One in every three online transactions typically fails and the success rates are about 65-70 per cent”, Mekin Maheshwari, head of Payments and Digital Media at flipkart.com told Deccan Chronicle.
“With PayZippy, we have cut down the failure rates by more than 10 per cent and, having worked hard over the last 24 months to address these problems, we are now ready to offer these benefits to other e-commerce retailers.”
Flipkart co-founder and CEO Sachin Bansal said, “Flipkart has enabled e-commerce in India over the last six years. Throughout our journey, we were always looking to build solutions that could empower the whole ecosystem and not just flipkart.com. Our Marketplace and Payzippy are the first two examples of this.”
Maheshwari said Flipkart had, in its early stages, worked with various payment gateway aggregators and in the last two years had started working directly with banks to enable secure, speedy and convenient online transactions. “Having experienced some of the pains of online transaction failures, we decided to work on building a payment solution that addresses all those pain points.”
PayZippy enables credit and debit card payments for e-commerce and mobile sites. Flipkart intends to partner with 2,000 websites by March 2014.
PayZippy will soon have a customer-side product that Flipkart intends to launch soon. Refusing to divulge the launch date, Maheshwari said, “All that the customer will have to do is save their card details in their PayZippy account.
That will help them avoid the cumbersome process of entering credit card details for every transaction and go straight to entering the 3-digit number on the card and go through the security steps. It will significantly cut down transaction time and errors, as has been noted in the case of flipkart.com”.
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