Flipkart launched a digital wallet on 3rd March 2016 for its customers to make purchasing easy. Now one can get their refunds, buy products online, get cashbacks and also make use of the gift cards. This new payment method has been named as Flipkart Money.
Customers can download the Flipkart Android app, open an account, where they would see a Flipkart Money tab which can be activated. A form has to be filled and they will receive an OTP on their mobile. This would activate the account and the user can get a detail of the purchases made and the money statement, which can further be utilised.
The new wallet is powered by FX Mart Private Limited and has been licensed by RBI. Buyers can also use their Debit/Credit cards or net banking to top up the pre-paid wallet which can hold upto Rs.10,000 at one time and Rs.20,000 in a month.
Flipkart wallet has two slots – Flyte and WS Retail. Wallet Top-ups can only be for digital purchases which would go to the Flyte compartment. Store credits will be issued by WS Retail and that would go with the WS Retail compartment. Any of the one can be used for the promotional credits. At present the fecility is only on Android devices, soon it will be made compatible to iOS and Windows.
With this effort Flipkart has managed to tap the growing market where PayTM and MobiKwik has captured about 70 per cent of the market revenue.