Flipkart Payment Gateway Services (FPGS) Pvt. Ltd., part of the Flipkart group has launched PayZippy (www.payzippy.com) – an online payments solution, currently available for Indian merchants. A customer-facing product is in the pipeline and will be launched soon.
The launch version of PayZippy powers card payments for domestic merchant websites and mobile sites. Having been on the merchant’s side earlier, the team understands the relevant pain points better and has addressed a lot of them while creating the product. This system has been used by Flipkart.com for an extensive period, with significantly higher success rates than market.
PayZippy will provide Indian merchants with higher optimization at various levels and will also ensure security. The payment solution is PCI DSS certified and is backed by an indigenously developed highly advanced fraud detection system. PayZippy is also extremely robust and scalable; having been rigorously tested on Flipkart.com.
Talking about the launch, Sachin Bansal, Co-founder and CEO, Flipkart.com 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. Flipkart’s Marketplace & Payzippy are the first two examples of this. This is an exciting beginning.
This launch is a pre-cursor for a larger customer-centric product that will be geared towards making online payments a smooth, trustworthy and convenient experience for consumers across online merchants. With that product, consumers will be able to save their card details in their PayZippy account. They will then be able to use this saved card for transactions on merchant websites without having to type or share sensitive card details. This will significantly cut down on transaction time and errors – as has been noted in the case of Flipkart.com
Commenting on this launch, Mekin Maheswari, Head – Payments and Digital Media said “The Flipkart brand name is associated with innovation, trust and customer focus – and these are three things that come together in PayZippy. The vision for PayZippy is to make online payments extremely convenient and secure for customers.
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. We at Flipkart, with our technological expertise, have worked hard over the years to address these problems & I am now proud that we are able to take these benefits to other merchants.
Given that the e-commerce industry is projected to grow at a phenomenal pace over the next few years, the need for a strong payment mechanism is essential for the industry. Currently the industry sees approximately 2 crore online card transactions in a month – and this is slated to grow manifold. Such a substantial scale comes with its own challenges, which a platform created by an incumbent like Flipkart, can help mitigate.
Says Sanket Atal, Chief Technology Officer, MakeMyTrip.com, “Online payments play an extremely critical role in the growth of e-commerce. Being the leader in the online travel space, we have faced and solved a lot of the problems related to this ecosystem ourselves. Flipkart’s move to offer payment as service to the merchants is a welcome move for the industry as they would look to bring in innovative solutions to solve existing pain areas on the merchants side.