Flipkart Money has been launched on the companys Android app, where users can hold a balance of INR 10000 (EUR 135) at a time, entrepreneur.com reports. It is expected to go live on to other platforms in the near future.
Consumers can top up the wallet with a maximum of INR 25,000 (EUR 339) a month using their credit cards, debit cards or via net banking. Cash can be withdrawn from the wallet to the cards or the bank account. Money is part of Flipkart Wallet, which includes WS Retail Credit (the biggest seller on Flipkart), gift cards and other bank cards saved on the online retailers platform (ET).
Digital wallets industry in India, still in its initial stages, has been able to gather millions of customers under its umbrella. With 135 million wallet users, PayU Money, Paytm, MobiKwik, Oxigen and My Mobile Payments have captured around 70% of the market revenue, in no particular order (6Wresearch), the source cites.
Cash on delivery is the most reliable form of online transaction in India. Yet, it is not free from cons when it comes to quick refunds. On an average, 15% of ecommerce shipments end up in returns, according to experts tracking the industry. With Flipkart Money people can make single click payments, cash backs and benefit from discounts.
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