Active Stocks
Tue Apr 16 2024 15:59:30
  1. Tata Steel share price
  2. 160.05 -0.53%
  1. Infosys share price
  2. 1,414.75 -3.65%
  1. NTPC share price
  2. 359.40 -0.54%
  1. State Bank Of India share price
  2. 751.90 -0.65%
  1. HDFC Bank share price
  2. 1,509.40 0.97%
Business News/ Companies / Flipkart to shut its payment gateway PayZippy
BackBack

Flipkart to shut its payment gateway PayZippy

Flipkart launched PayZippy in July last year to compete with services such as CCAvenue and Paytm

Flipkart also made a strategic investment in ngpay, a payment service and a marketplace that primarily gets most of its business from its mobile app. Photo: MintPremium
Flipkart also made a strategic investment in ngpay, a payment service and a marketplace that primarily gets most of its business from its mobile app. Photo: Mint

Bangalore: India’s largest e-commerce firm Flipkart said it is shutting its payment gateway PayZippy, after the product failed to sell the service to as many customers as the company had expected.

Flipkart also made a “strategic investment" in ngpay, a payment service and a marketplace that primarily gets most of its business from its mobile app. The company did not give more details.

“Payments is core to Flipkart and we see this partnership giving rise to the largest mobile payments brand in India. (ngpay chief executive) Sourabh Jain’s expertise will help us drive innovation in payments, with features and products that provide a competitive end-to-end customer experience, to redefine the payments ecosystem in India," a Flipkart spokesperson said in an email.

Medianama reported the news earlier.

Flipkart launched PayZippy in July last year to compete with services such as CCAvenue and Paytm. These companies help shoppers buy things on e-commerce sites through their debit and credit cards.

PayZippy signed with sites such as BlueStone and Yepme but wasn’t able to garner as much market share as Flipkart hoped.

“While we phase out our own payments product, PayZippy, nothing changes for our customers, who will continue to enjoy all the benefits of a safe and secure payment system through Flipkart.com," Flipkart said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 30 Aug 2014, 07:57 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App