E-tail major Flipkart has launched an online payment solution PayZippy for Indian merchants. The company will soon extend the service for customers as well.
The payment solution is PCI DSS certified and is backed by an indigenously developed advanced fraud detection system. PayZippy aims to partner 2,000 merchants by March 2014.
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.”
This service will help towards making online payments a smooth, trustworthy and convenient experience for consumers.
With that product, consumers will be able to save their card details in their PayZippy account without having to type or share the sensitive information. It will also significantly cut down on transaction time and errors, Bansal said.
The online payment 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.
Given that the e-commerce industry is projected to grow at a phenomenal pace over the next few years, the need for a strong payment mechanism is essential for the industry.
Currently, the industry sees approximately two crore online card transactions in a month and is set to grow.