Flipkart, the e-commerce firm frequently labelled ‘India’s Amazon’, has pushed its presence out into payments after it unveiled a consumer version of PayZippy, the payment solution that it initially launched for merchants in July.
The service is essentially an online wallet which users add details of credit cards and other payment methods to for easier shopping — Flipkart rather ambiguously says PayZippy reduces the time taken buying online by 50 percent.
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The service is, notably, multi-merchant, meaning that it will work on more than just Flipkart. The 10 launch partners include MakeMyTrip, India’s largest flight booking site, and a range of other online merchants, some of which are offering discounts, cash back and other incentives for paying via PayZippy.
Flipkart is confident that PayZippy will be supported by “most large online merchants in India” soon. On the consumer side, it is targeting 1 million users by next June, and an initial 150,000 signups inside the first month.
The e-commerce firm closed a recent $360 million funding round this summer, at a valuation that is well north of $1 billion — yet still, it’s growth prospects have been much much discussed due to India’s gradual adoption of the Internet and technology, not to mention Amazon recent entry into India and eBay’s investment in rival Snapdeal. Moving to payment enabling early could give it another revenue stream, beyond, of course, a visible presence with India’s growing legion of Internet shoppers.
Headline image via Samrat Mazumdar / Flickr