After having shut down Flyte for good, Flipkart has unveiled a new service, a new payment gateway —PayZippy, which is housed under a separate firm Flipkart Payment Gateway Services (FPGS) Pvt Ltd.
PayZippy will now join the party at the current competing online payment industry which includes some of the most widely used services like PayTM, CCAvenue, Citrus, and many others. Although there are a bunch of choices that we already have, what’s so different about Flipkart’s PayZippy is that is aims to partner with banks directly and provide higher efficiency unlike the current payment gateways.
PayZippy pricing for Indian Merchants
| 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 | |
For debit card transactions, merchants will be charged 0.75 percent of the transaction value if less than or equal to Rs. 2000, and 1 percent for transaction value Rs. 2000
What PayZippy offers seems to be industry standard rates on credit and debit cards. At present, the service is running a promotional offer cutting down the standard pricing by one percent.
According to Flipkart, they have been working on this payment gateway solution for over two years and claims to have done through research. PayZippy features real-time tracking system of bank gateways, quite similar to what CCAvenue had launched few months back.
With Flipkart’s new PayZippy service, merchants can start accepting payments from most of the major credit & debit cards including MasterCard, Visa, and Maestro. However, Net Banking transactions are not enabled yet.
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