Flipkart has shut down its payment gateway, PayZippy. This payment gateway was launched in July 2013 and company planned to partner with 200 merchants by the end of 2014. As per the reports, PayZippy service faced loss of Rs. 6.5 Lakhs in FY13 and was not performing as per the expectations.
MediaNama reported this news before the official announcement. It is also confirmed that PayZippy name is mising from the RBI’s list of companies which had been granted prepaid wallet license.
Company has also confirmed its strategic investment in Ngpay, , a payment service.
The official note from Flipkart:
Flipkart is pleased to announce a strategic investment in ngpay, a company that has pioneered mobile payments in India.
Payments is core to Flipkart and we see this partnership giving rise to the largest mobile payments brand in India. Sourabh Jain’s expertise will help us drive innovation in payments, with features and products that provide a competitive end-to-end customer experience, to redefine the payments ecosystem in India.
While we phase out our own payments product, PayZippy, nothing changes for our customers, who will continue to enjoy all the benefits of a safe and secure payment system through Flipkart.com.
The PayZippy team has created innovative payments solutions, and the IP/technology developed will continue to be power and improve payments for Flipkart under the customer platform.
