Flipkart is ready to take on PayTm and FreeCharge line online wallet services. It has unveiled its own wallet ‘Flipkart Money’. It will be integrated with its Flipkart platform to reduce the cost of handling cash return and give users other options.
Flipkart is running for around 9 years and everything was fine. But Flipkart thought of its own wallet system just to make quick refunds in wallet in place of refunding in bank account or other wallet services. It can also use this to offer cashback in wallet in place of offering flat discounts. Cashback will keep the money on platform to drive more sales in future.
Flipkart Money will be available on both mobile app and web. It can hold up to Rs. 10000 and monthly top-up limit will be Rs. 25000. Users can top-up wallet by using credit cards, debit cards and net banking.
As of now, this wallet can be used only in Flipkart. But it can expand it to add more services, similar to Ola Money and Paytm. We can expect atleast Myntra to be added as service with this wallet.
This is just a beginning and we will have to wait for few months to see how well response Flipkart Money received. It also had its payment processing service which didn’t get enough popularity. So, Flipkart shut down the service. Now, it has come up with another good pilot project.
What do you think about this new wallet service? Share your views with us via comments.
Source: Economics Times
