The impeding launch of Flipkart’s payment gateway has been talked about for sometime now and it has finally been unveiled.
Christened as PayZippy, Flipkart’s new payment gateway is now available for Indian merchants for transactions. With PayZippy merchants can start accepting payments from all Credit & Debit Cards (MasterCard, Visa, Maestro). However, Net Banking transactions are not yet enabled on PayZippy. Support for cards like American Express and Diners is also not available as yet.
Though India has quite a few payment gateways like CCAvenue, PayTM, PayU and few others, it is still at a stage where they are evolving. Now with a large merchant like Flipkart themselves coming up with a payment gateway, we may see this vertical coming of age. Few good features that PayZippy has introduced is support for mobile and international payments
PayZippy pricing for Indian Merchants
As far as the pricing goes, PayZippy seems to have Industry standard rates on Credit as well as debit cards. Currently they are running promotional pricing, which may attract a few merchants to jump the gun.
| For Debit Cards | ||
| Transaction Value | Standard Pricing | Promotional Pricing |
| Rs. 2000 or less | 0.75% | N/A |
| Rs. 2000 or more | 1.0% | N/A |
| For Credit Cards | ||
| Transaction Value | Standard Pricing | Promotional Pricing |
| Rs. 0-5 lakhs | 3.5% | 3.5% 2.5% |
| Rs. 5-10 lakhs | 3.25% | 3.25% 2.25% |
| Rs. 10-25 lakhs | 3% | 3% 2% |
| Rs. 25-100 lakhs | 2.5% | 2.5% 2% |
| Rs. 1 Cr + | Custom Quote Needed |
According to PayZippy website, they provide Charging, Transaction Status Query and Refunds (including partial refunds) APIs for easy integration of their payment gateway on merchant sites.
PayZippy offers nearly all standard features that merchants may expect from a Payment Gateway. PayZippy’s settlement cycle is of 2 days and they offer an iframe which could be fully customized and integrated to merchant website’s look and feel.
From online customer’s point of view, they can save their card details while using PayZippy account to make payments on merchant sites. PayZippy has the requisite PCI DSS certification which allows them to store customer credit card details with them…
Last year Flipkart has gained government approval for 2 separate companies – One for creating a marketplace and second for creating a payment gateway in India.
another step to kill local merchants. these online sites are killing local business in india. Government should charge “Convenience tax” on these. otherwise how can local merchants compete – when these online sites dont have any money to spend on showroom, parking, weather, traffic, curfew, riots etc
Aww… This is really awesome News for Online Business Owners. Truly Indian PayPal Alternative is on the Track. Thanks for sharing Arun.