Flipkart on 3 March 2016 launched its own digital wallet Flipkart Money that can be used for Flipkart only transactions.
It aims to have a more organized method of payment and cutting significant costs related to handling cash on product returns.
Features of Flipkart Money
• Flipkart Money was launched on the company's Android app, where users can hold a balance of 10000 rupees at a time.
• Cash can be withdrawn from the wallet to the cards or the bank account.
• Money is part of Flipkart Wallet, which includes the biggest seller on Flipkart, WS Retail Credit, gift cards and other bank cards saved on the online retailer's platform.For the first time, Flipkart tried to enter the e-wallet market in 2011 but due to RBI regulations, it was only able to hold transactions for WS Retailers only. Once again, it tried launching its own e-wallet in July 2013 by the name PayZippy, but proved to be unsuccessful when applied for the license. It was shut down in November 2014.
The launch of Filpkart Money is an opportunity for Flipkart to tap the growing market and compete with rivals like PayTM and MobiKwik. There are about 135 million wallet users with PayU Money, Paytm, MobiKwik, Oxigen and My Mobile Payments capturing around 70 percent of the market revenue.
Ad platform with 50 brands launched
Besides, Flipkart launched its own ad platform with 50 brands which came up with Brand Story Ads. The brands that have signed up for the ad campaigns include Yes Bank, L'Oreal, Micromax, Intel, Gillette, Datsun and Sony.
With Brand Story Ads, Flipkart is offering a platform where the brands can target and engage with largest qualified commerce audience in the country at the right time for the right intent.
The company positions Brand Story Ads as an interactive story format with content images and product guides that enables brands to tell their stories in a crisp and impactful manner.
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