India’s biggest online retailer, Flipkart has just launched their very own payment gateway service Payzippy (www.payzippy.com), which is all set to compete with the already existing payment gateways in India like CCAvenue, PayU, Citrus, PayTM etc. Currently it is available only for Indian merchants. The system of PayZippy is what was used by Flipkart itself for an extensive period, and it helped them get higher success rates, the company claims.
Besides the payment gateway, a customer facing product is also in pipeline and will be coming soon! Description as per PayZippy about the product for online buyers says:
PayZippy will make it safe & easy to pay online. No more typing or revealing your card details on any website.
PayZippy is aimed at making online payments more secure, trustworthy and smooth for the online customers. Paying without having to go through the typing of card numbers, passwords and all the related sensitive information is the aim for the customer-facing product, that is coming soon. Also, PayZippy will be powering its merchants to get payments through mobile version of their websites. Hence, we can see PayZippy is all set for a big jump in the online retail market of India, which is expanding on a regular basis.
The pricing of the PayZippy service is what really differentiates it from other payment gateways in the market. As the business grows and its revenue increases with time, the charges for the service reduce automatically as per the levels. Also, ZERO setup fee really catches the eyes!
PayZippy will provide functionalities or APIs for Transaction Queries, Refunds, and accepting payments from all credit and debit cards. Netbanking, which generally accounts for only 4% – 5% of online payments will be available for use soon although. Flipkart has already acquired the PCI DSS certification to be able to store card details of customers. As for the goal till March 2014, PayZippy aims to have 2000 merchants using its services.