Flipkart Payment Gateway Services, part of the Flipkart group has launched PayZippy - an online payments solution, currently available for Indian merchants. According the company, PayZippy will provide Indian merchants with higher optimization at various levels and will also ensure security.
Flipkart claims that the payment solution is PCI DSS certified and is backed by a by highly advanced fraud detection system for enhanced security. Commenting at 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"
PayZippy is initiative by Flipkart to make a larger customer-centric product that will be geared towards making online payments a smooth, trustworthy and convenient experience for consumers across online merchants. Consumers will be able to save their card details in their PayZippy account, which they can use for transactions on merchant websites, without having to type or share sensitive card details.
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" he added.
The e-commerce industry is projected to grow at a phenomenal pace over the next few years, the need for a strong payment mechanism can prove to be essential for the industry. Currently, over 2 crore online card transactions take place every month and these numbers are predicted to rise in the years to come.
Sanket Atal, Chief Technology Officer, MakeMyTrip.com said, "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."