New Delhi: Indian online retailer Flipkart, reportedly, is closing down its payment gateway PayZippy, as it failed to perform the way the e-commerce giant had expected.
The company had launched the product last year in July, under a separate firm Flipkart Payment Gateway Services (FPGS) Pvt Ltd, and started with payment solutions to merchants.
According to a report from Livemint, Flipkart has also made "strategic investment" in ngpay, a company that has pioneered mobile payments in India.
A Flipkart spokesperson, in an email response to MediaNama, said, "Payments is core to Flipkart and we see this partnership giving rise to the largest mobile payments brand in India. 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."
Though the company phases out PayZippy, it says, nothing will change for its existing customers. They will continue to enjoy all the benefits of a safe and secure payment system through Flipkart.com, said the company in an email response to MediaNama, adding, the PayZippy team has created innovative payments solutions, and the IP/technology developed will continue to be power and improve payments for Flipkart under the customer platform.
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