Taking cue from physical wallet that stores money in it and offers liberty to buy things in proportion to the amount in it, Flipkart has added a prepaid wallet feature to its e-commerce platform that allows shoppers to store money on the site and use it to purchase items, without having to reach for their credit card for each transaction.
A prepaid Wallet intends to make online payments easier and more secure for customers by sparing them the hassle of fetching their credit card or debit card or net banking details every time they want to purchase an item. Buyers can fill their Wallets with up to Rs 10,000 by using any one of its regular payment modes like credit card, debit card, and net-banking and then use it across multiple purchases. The Wallet has no expiry date and money once stored in it can be refunded back to the payment source.
Flipkart already offers shoppers the convenience of Cash on Delivery (CoD), using which they can choose to pay for purchases in cash when they have been delivered to their doorstep. This is in addition to the usual credit and debit card and net banking options that the service also offers to online shoppers.
Though, there are other players in the country like MobiKwik and PayTM* which offer online wallet services called ‘MobiKwik Balance’ and ‘Paytm Cash’ respectively, representing the impact of unreliable payment gateways on online transactions in India.
Earlier, Flipkart had acquired the rights to the digital catalogue of a Bollywood site Chakpak.com including 40,000 filmographies, 10,000 movies and close to 50,000 ratings. It had also acquired a Mumbai based business digital content platform company, Mime360 to enter the digital distribution space. Founded by former Amazon employees Sachin and Binny Bansal in 2007; it expects to increase its sales tenfold in the ongoing fiscal year to about $100 million by March 2012.
Yesterday, iamwire has sent query to Flipkart regarding online prepaid wallet launch. In a response to our query Flipkart has said “Flipkart.com wallet has been launched keeping in mind the ease and convenience of our heavy users – those who shop with us multiple times during the month, and particularly when individual transactions have small ticket-size (i.e., micro payments). Wallet offers our customers the convenience of making payment once and shopping multiple times with us. This also ensures that customers do not have to go through the bank verification processes every time they buy something on Flipkart.com. The wallet cuts down on payment gateway issues as well”.
By inculcating exclusive prepaid e-wallet, Flipkart aims to reduce the time spent on the order process that would help in making online shopping a simpler, faster and completely hassle free experience for their customers.